British law enforcement officers to combat the laundering of money are being frustrated by the lack of cooperation on the part of the authorities in the Cayman Islands.
The National Crime Agency said it was “asks for information that we don’t get”.
It is said that it has also increased efforts to take advantage of dirty Russian money that comes in the united kingdom.
It has also launched investigations into British lawyers and accountants suspected of facilitating money laundering.
The NCA leads the uk’s fight against money laundering and criminal money, which it is estimated that it could reach a value of up to £1bn a day.
Cayman islands profile
What are Britain’s overseas territories?
The oligarchs in the uk, told to explain the richness
Ministers back down in the tax haven of the records
A number of its investigations have led it to offshore companies registered in the Cayman Islands, a British Overseas Territory in the Caribbean and one of the largest financial centers.
Donald Toon, director of the ANC, revealed the Cayman Islands, the authorities had not worked when he had asked for information about who owned these companies.
He said that often, when his officers asked British Overseas Territories in search of help “we can get them clear, unambiguous, effective ownership of the information, but we’re going to have a difficulty with the Cayman”.
“The Cayman government is fully aware that the uk’s concerns,” he said.
In recent years the focus has been on tax havens linked to the uk following a series of global investigations involving nearly 100 media organizations, including the BBC.
The Paradise of the Papers exposed how the rich and corrupt of the people who use complex offshore structures to cover their tracks.
The NCA said that there were now signs that criminals were finding new havens where they could take advantage of lax regulation and hide their links with the corrupt of the assets.
These were the jurisdictions “beyond the British Overseas Territories”. Mr Toon called “small island nations”, where “people are able to register businesses, but are much more difficult to penetrate in terms of access to information” about the beneficiaries.
He does not say where.
Mr Toon also said that the NCA had significantly stepped up its work to identify and take advantage of corrupt Russian assets in the uk -but was nevertheless the use of the new powers, known as Unexplained Wealth Orders, against them.
Unexplained Wealth Orders, which came into force on 31 January, the force of the rich people to explain the origin of their assets if there is reason to suspect corruption.
“This is not an easy job,” Mr Toon explained, because the rich criminals are experts at hiding their property to the corruption of the assets.
He revealed that there were “a couple of dozen” active investigations on lawyers and accountants suspected of facilitating the flow of dirty money in the uk, which he described as the “soul of almost all of the organized crime”.
Asked if he was concerned that the dirty money was used to fund the private education of the children of the corrupt oligarchs, Mr. Toon said that those private schools with charitable status have to perform due diligence.
However, he said they rarely issue alerts to the application of the law.