I dug out my The Reefs of Cozumel map that Mapchick (Laura) put out pre-Wilma and this is what it has to say about Las Palmas (which is indeed south of Paradise, around where LandMark/Money Bar are located):
Las Palmas
This reef was named for a group of tall palm trees (Las Palmas) that dive masters use as a reference to locate the start of the reef. Although only one palm remains today, it is easy to spot from the dive boat, towering over all the other trees.
At 30 to 55 feet (most scenery is around 35 feet), this dive is best known for its abundance of very large spiny lobsters. Dozens of these old crustaceans have grown to lengths of up to 4 feet. Other highlights of this reef are a little more difficult to see. There are lots of seahorses, baby drum fish, and-if you have the eye to find them-tiny pea pod trunk fish. They look like peas or small marbles floating in the water, with fins and tails so small they are almost invisible.
This is a great night dive. The giant lobsters will be out, and you'll also see slipper lobsters; it's almost impossible to find them during the day, when they hide among the rocks and coral.
The current is typically mild, but it's unpredictable here, so your dive master may get into the water first and check the direction. The current has been known to switch direction mid-dive.