FCU: Not enough suspicious activity reports filed

(CNS Business): The volume of suspicious activity reports (SARs) being filed in the Cayman Islands is far too low considering that the jurisdiction is the fifth largest in the world, according to Detective Superintendent Brian Donley, lead in the RCIPS Financial Crimes Unit. DS Donley said that there had to be more suspicious activity taking place in Cayman and compliance officers were either being prevented from reporting such suspicious activity or were just not seeing it. Better relations between the authorities and the private sector might improve the situation, he believed but thought the authorities were sometimes slow in responding back to the private sector once they had reported a SAR for many reasons, one of which was that sometimes people politically linked within the island might be involved in the suspicious activity report and such cases could take years to solve. Read more on CNS Business