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Fighting Frozen Funds

With the creation of the Cayman Islands Bureau of Financial Investigations (CIBFI), more money than ever before is being frozen by the Courts on the application of the Cayman Islands police.

The Proceeds of Crime Act (2020 Revision) gives to the authorities several weapons in the fight against suspected money laundering and terrorist financing. These include:

  • Confiscation Orders
  • Restraint Orders
  • Property Freezing Orders
  • Recovery Orders
  • Interim Receiving Orders

Although these powerful tools allow for the seizure of cash and other property even before any criminal charges are brought, they are not always deployed with care. As a consequence, individuals and companies with legitimate interests in the Cayman Islands may find themselves fighting for access to their own funds.

Samson Law has a proven track record in fighting these applications ensuring that our clients are not unfairly denied access to their funds.

Recently Jonathon Hughes successfully resisted an application for a restraint order before the Cayman Islands Grand Court on behalf of a Brazilian national with investments in the Cayman Islands. In response, the authorities applied for a property freezing order which was also successfully resisted. In the end the Court found that ‘the Crown [had] failed to establish a case which [was] even barely capable of serious argument.’ It dismissed the case and awarded costs to the defendant.

If you are facing investigations into money laundering or terrorist financing in the Cayman Islands, contact our specialist team today.