Cops 0, Robbers (Alleged) 1

The first real test of Cayman's anti-money laundering Proceeds of Criminal Conduct Law 1996 has ended in victory for the alleged money launderers and defeat for the US government - all because the US authorities were a day late in meeting a key filing deadline. Although not agreeing with his interpretation of at least two key points of the PCCL, Cayman's Court of Appeal nevertheless upheld a decision by former Chief Justice George Harre to discharge a restraint order freezing $7 million in three accounts at the Royal Bank of Canada that were controlled by Americans William J. McCorkle and his wife, Chantal.