Code issued to help in the battle against laundering

A code of conduct has been issued to financial institutions to try and stem money laundering from the Cayman Islands, one of the world’s leading offshore money centres. The British colony has 590 banks and trust companies that have more than US$500billion in assets and agreed last year to a United Nations review of its financial systems to help dispel the idea that it is a haven for international money launderers. The code outlines the colony’s money laundering laws, proper procedures to identify clients, how to document evidence, methods for staff training and how to keep records to international standards, for all Cayman financial institutions.