At least six institutions operating in the island’s financial sector have been flagged by the Financial Investigations Division (FID), as they are not in compliance with the law and their operations “may be used to facilitate money laundering”.
According to FID’s principal director, Keith Darien, “… We believe that a couple of these (financial) institutions will be prosecuted, or they will have to address from a standpoint of the fixed penalty regime, which was included in the Proceeds of Crime Act (POCA) in November 2019.”