Update: Chilean Nationals Convicted and Sentences for Money Laundering Incident in April 2024

Following a thorough investigation into a money laundering incident that took place in April 2024, at a local bank, three Chilean Nationals who were formally charged with Theft and Money Laundering, have since been convicted on five counts of Theft and five counts of Money Laundering. They were sentenced to 14 months which is currently being served at His Majesty’s Cayman Islands Prison Service (HMCIPS).

Additionally, on Tuesday, February 4, 2025, one of the sentenced men reappeared before the Court and during the proceedings, the Crown’s request for confiscation was granted. This means that assets valued at a certain amount were to be seized from the defendant and failure to provide the assets would result in an additional six months imprisonment.

The assets include cash in USD and KYD, jewelry, electronics, and more. In the initial judgment, the judge noted that this convicted man played a leading role in a sophisticated group scheme.