Two Cayman Financial Institutions Plead Guilty to Conspiring to Hide More than $130 Million

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Author: 

Bruce Zagaris

Date Published: 

Friday, March 18, 2016

Volume: 

32

Issue: 

3

Subject Areas: 

Bank Secrecy
Banking Supervision
Charged with Crimes
Comparative and International Law
Compliance
Conspiracy
Court Conviction
Data Privacy
Data Sharing
Disclosure
Tax Crimes
Tax Enforcement
Tax Havens

Geographic Identifier: 

Cayman Islands

Abstract: 

On March 9, 2016, Cayman National Securities Ltd. (“CS”) and Cayman National Trust Co. Ltd (“CNT”), two Cayman Island affiliates of Cayman National Corporation, pled guilty in the U.S. District Court in New York City for conspiracy to help United States taxpayers hide more than $130 million in Cayman bank accounts.  The guilty pleas represented the first convictions of financial institutions outside Switzerland for conspiring with U.S. taxpayers to evade their taxes.