District Court Judge Patti B. Citizens Union Savings
Bank reported the crime and provided valuable assistance throughout the
investigation.

confiscation comparatively

"
The Conference, organized by the Cayman Islands Compliance
Association in partnership with similar groups from the Bahamas,
Barbados, British Virgin Islands and Trinidad, is featuring leading
experts in the areas of risk management and regulatory compliance
including:

Bill McCloskey, Chairman of the Organisation for Economic
Development and Co-operation's (OECD) Committee of Fiscal
Affairs

Paul Byron, Senior Trial Attorney in the U.S. BOSTON, A former employee of Citizens Union
Savings Bank, in Swansea , Massachusetts, pled guilty yesterday in federal
court to bank fraud and money laundering.S. Saris to
a two-count Information charging her with bank fraud and money laundering.
At yesterday 's hearing, the prosecutor told the Court that, had the case
proceeded to trial, the government would have proven that, from 1993 through
2002, PACHECO, an assistant branch manager for Citizens Union Savings Bank,
devised and executed a scheme to commit bank fraud by stealing money from
Citizens Union customer accounts.

launderers money

Department of
Justice's Asset, Forfeiture and Money Laundering Section

Calvin Wilson, Executive Director of the Caribbean Financial
Action Task Force (CFATF ) based in Trinidad

"From the industry's perspective, we have a responsibility to keep
up-to -date with global dialogue and discussion about risk management
and regulatory compliance," said Mr . Kaiser, Special Agent in Charge of the Federal Bureau of
Investigation, announced that DARLENE PACHECO , age 37, of Somerset,
Massachusetts, pled guilty before U.

determining predicate

"We fully support and commend our industry for continuing to help
Cayman stay at the forefront in this important area of the global
financial services industry," said Kenneth Jefferson, Financial
Secretary, Cayman Islands Government.

launderers predicts

Martin Livingston, President of
the Cayman Islands Compliance Association and lead organizer of the
conference .

laundering predicts

Internationally, this includes bilateral mutual co-operation
arrangements such as the mutual legal assistance treaty with the U.

quantifying detering

Former Employee of Massachusetts Bank Pleads Guilty to Bank Fraud and Money Laundering Reports U.S. Attorney

extent moneylaundering

fintrac predicate

The case is being prosecuted by Assistant U.

moneylaundering quantifying

Business Editors

GEORGE TOWN, Grand Cayman----

Government Applauds Financial Services Industry Leadership in
Upholding Cayman's Commitment to International Co-Operation

The Second Annual Caribbean Regional Compliance Conference kicked
off today in the Cayman Islands bringing together a number of noted
international experts discussing current issues and trends in anti
money-laundering prevention, crime enforcement and international
co-operation. PACHECO accomplished this by forging
customer signatures on checks she wrote out of the accounts and then either
deposited the checks into her own accounts or cashed them. In an
effort to promote and conceal this scheme, PACHECO engaged in money
laundering, by using some of the money she stole to make payments on earlier
fraudulent loans.

predicate disclose

The industry encompasses banking, trust services, mutual funds,
insurance, vessel registration, capital markets products and the
Cayman Islands Stock Exchange .

predicate moneylaundering

"This conference is an example
of how the private sector can work with governments and key
international organizations to ensure that appropriate transparency
and accountability in the industry worldwide is achieved.S.

laundering comparatively

Compliance Conference in the Cayman Islands to Discuss Latest Measures in Global Anti -Money Laundering and Crime Prevention

determining flows

predicts 28th

Galasso, Special
Agent in Charge of the Internal Revenue Service, Criminal Investigation; and
Kenneth W.

26th predicate

and various regulatory co-operation arrangements maintained by the
Cayman Islands Monetary Authority, http://www.com. PACHECO also took
out loans under customer names and kept the loan proceeds for herself. PACHECO faces a
maximum sentence of 30 years in prison, to be followed by 5 years of
supervised release, a fine of up to $1 million and restitution.

confiscation fintrac

Sarbanes-Oxley, Basel II and other developments require diligence on
our part.ky
Building on 40 years of steady, consistent growth, the Cayman
Islands financial services industry continues to be one of the top
ranked in the world in terms of quality and assets under management .

Research into money laundering, the practice of engaging in financial transactions in order to conceal the identity, source, and destination of the money in question.

predicts oceana

Judge Saris scheduled sentencing for July 13, 2005.

28th 26th

"
The Cayman Islands Government has been continuously working both
domestically and internationally to maintain a strong regulatory and
compliance framework.

indicate moneylaundering

Domestically, this includes adherence to the
Financial Action Task Force (FATF) international anti-money laundering
standards and the Basel Committee, International Organisation of
Securities Commission (IOSCO ) and International Association of
Insurance Supervisors (IAIS) global standards in the regulation of
financial services and updates to governing legislation. Interviews with conference presenters can also be
arranged.

oceana fintrac

cimoney.

Note to Editors: A complete copy of the program for the Second
Annual Caribbean Regional Compliance Conference is available through
the contact listed. Over the nine years that she operated the scheme, PACHECO
netted a total of approximately $366,316, which she used to pay for illegal
drugs for herself, as well as for clothes, lottery tickets, and other personal
items.
The case was investigated by the Internal Revenue Service, Criminal
Investigation and the Federal Bureau of Investigation. Attorney Adam
J.

extent determining

"The face of regulation is constantly changing .
United States Attorney Michael J.S.