(ii) Cayman Islands This offshore financial centre has been a
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centre for laundering the proceeds of drug traffickers between Latin America and US. To combat this, UK and US signed an agreement in 1984 to give US agencies access to banking records in drug related
cases; an MLAT on criminal matters has also been signed but this has yet to be ratified. Since signing the agreement, banking business in Cayman Islands has increased, not diminished, with many quality investors attracted by what is perceived as its increased
respectability as an offshore banking centre.
Economic Relations Department
June 1987
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