WHITE COLLAR CRIMES IN CAYMAN ISLANDS

The Cayman Islands, off-shore branch of U.K, is now 5^th busiest financial spot in the world as it offers best financial services like banking, Insurance hedge funds etc. As such financial news from the islands is seriously listened all over the globe.

A Cayman Chamber of Commerce report says that the white-collar crimes in the industry and commerce have risen in the islands to the tune of 20 million Dollars. The crimes like fraud checks, money laundering, bad accounting practices, found all over the world in small or big measures are on the rise in the islands proportionate to the growth of financial activities. The chamber is taking preventive actions against them. But it also is costly. They nearly spent 40 million to take preventive actions against crimes covering 20 million.

The internet is also a great place for crimes. Since computers cannot cough up money physically, internet has become a conduit for crime by luring women for money and sex, hacking passwords and looting money, black mailing  women with nude photos etc.


Update: The statistics shows a small small decrease in crime rate at the Cayman Islands by 2012.