Money money money

Post # 501...oh boy! Let's get cracking. Nothing like talking about money, right?

When I was really young, the term Money Laundering didn't quite make sense to me. Sounded like one's money was scheduled for laundry day or something. Back then there were so many words that didn't quite make sense, but all that's changed now. Money laundering makes total sense.

You may have noticed how Cayman has such a bad rap when it comes to money laundering? Any prime time show out there that involves drug dealers, gangs or bad guys wanting to hide their moolah, will inevitably mention that their money is parked in the Cayman Islands, notorious for its haven for money launders. But times are a changing. Cayman has been trying very hard to rid itself of this image. Regulations and strict compliance measures have been making the rounds for a while and Cayman now makes accountability mandatory to those wanting to park their monetary funds on island. So, how did this bad rap get started...?

You can bet one way was this...I was watching a documentary on how Marijuana was smuggled into San Francisco in epic proportions about 20 years ago. The mastermind behind this admitted that the money (millions every month) made off of trafficking and selling off this pot was easily moved to the Cayman Islands, far from the reach of Uncle Sam. I believe his exact words were: You could walk into Cayman with suitcases loaded with money and they just didn't care.

Tsk tsk Cayman, you sure set yourself up for a big fall. But you're recovering, slowly and surely you are working hard to rid yourself of the image that you are aiding and abiding the bad boys. I've noticed most shows now barely mention Cayman when it comes to money laundering, they've moved on to other offshore jurisdictions, like the Bahamas...or even Belize. They've been doing their research, and eventually this will pay off. It may take a while, but you'll get there.

Making the cut

Here in Cayman, there are so many occurrences that one may hear about through the grapevine, and then only to be surprised when it doesn't make print. You would think journalists would be doing their damnedest to scour material hoping that would make the daily cut, but you're left scratching your head when you can't find what you're looking for in the newspaper or even online. As an older Caymanian co-worker put it rightly, ‘Oh you don’t know how this country of mine works. They are very very good at hiding & covering up things.’ Ironic, considering how small this island really is. We're going to hear about it inadvertently and eventually, so why hide it!

Surely you kid

A Cayman facts and figures article of various things starts of with...'At the end of 2008 there were 2171 goats in the Cayman Islands'. Goats? Really? The article's only picture was of a goat. I think that's cute! If that doesn't make you laugh, it should at least make you smile. I wonder what the end of 2009 will do for the goat population.