Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Jewellers warned of sector’s financial risks

Acting Chief Officer Tamara Ebanks (CNS): It is no longer just offshore financial institutions that are vulnerable to money laundering. Industries as diverse as real estate and jewellers are also at risk of being used to disguise the source of assets. Dealers in precious metals and stones (DPMS) were recently warned by government officials at a special workshop organised for their sector that they have an obligation to comply with international standards to keep Cayman off the Caribbean Financial Action Task Force (CFATF) grey list.

The premier has stated on a number of occasions that this jurisdiction is prioritising the implementation of the latest CFATF recommendations and this now includes closing down the gaps across various sectors that are exposed to potential money laundering, terrorist financing and other financial crimes.

The Department of Commerce and Investment (DCI) hosted the workshop as part of its CFATF requirements as supervisor of Designated Non-Financial Businesses and Professions (DNFBPs). 

The training session last week outlined dealers’ obligations under anti-money laundering, counter-terrorist financing and proliferation financing regulations, whether they are gold brokers or jewellery stores, to ensure that they protect Cayman from the risks inherent in their sectors and prevent us from being on any current or future grey or black lists.

Commerce Minister Joey Hew said it was essential that Cayman did everything possible to meet its international obligations.

“DCI, in its framework as DNFBPs regulator, has a vital role to play in helping DPMS and real estate agents, brokers and developers to strengthen their anti-money laundering and counter-terrorist financing frameworks as a matter of utmost urgency,” the minister told the attendees, which officials said represented around 70% of the sector. “Failure to comply could lead to grey-listing, and this is not an option.”

The danger presented by this sector has been compounded by a recent case now winding its way through the criminal courts in which four men have been charged with various financial crimes relating to the smuggling of cash and the movement of some $6 million worth of gold that came to Cayman on a private jet and was handled by a precious metals brokerage here.

The ministry’s Acting Chief Officer Tamara Ebanks said dealers must look to DCI for support as the industry regulator, and Head of the Anti-Money Laundering Unit (AMLU) Francis Arana outlined the level of risk the industry faces. He explained how illicit cash can be converted into legitimate and difficult to trace products, such as precious metals and stones.

Deputy National Coordinator for government’s Anti-Money Laundering Steering Group (AMLSG) Justine Plenkiewicz discussed targeted financial sanctions (TFS) and proliferation financing (PF). Workshop attendees were instructed on their responsibilities for supporting national compliance.

Financial Reporting Authority (FRA) Director RJ Berry explained how to make a Suspicious Activity Report and the need to maintain up-to-date and thorough records, particularly when transactions raise red flags, such as customers attempting to run several credit cards for a single purchase, or buyers wishing to make a purchase with a large sum of cash.

DCI Head of Compliance and Enforcement Claudia Brady said dealers should establish their own AML/CFT frameworks and conduct a risk assessment of their businesses. She reminded the attendees that the DCI will conduct regular onsite and offsite monitoring of the industry to ensure compliance.

DCI Director Ryan Rajkumarsingh said the department was providing a video link of the session to all DPMS, so those who attended can review the information while those who did not can take a look before attending the next session on Thursday, 29 August. This mandatory session will focus on the requirements of real estate agents and brokers.

    Interested stakeholders can contact enforcement@dci.gov.ky to register their attendance

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×