The Cayman Islands Financial Services Association (CIFSA) has commended the Cayman Islands Monetary Authority (CIMA), the Cayman Islands government and the wider financial services industry on its efforts in achieving the recent positive review by the International Monetary Fund (IMF) on the quality of the Cayman Islands’ regulatory framework.
‘The IMF report further strengthens the foundation of CIFSA’s efforts to continue to promote the integrity of the Cayman Islands financial services industry,’ Mr. Eric Crutchley, a CIFSA director, said in a press release.
‘We have always promoted a positive image of the jurisdiction based on our direct knowledge of the high regulatory standards practiced here in the industry – but once again this report provides the necessary international recognition of the high standards of regulation applied in the Cayman Islands,’ he said. ‘CIMA, the Cayman Islands government and the financial services industry as a whole should be commended for this result.’
A detailed IMF review of the Cayman Islands was carried out against four key sets of international regulatory standards, namely the Basel Core Principles for Effective Banking Supervision, the IOSCO principles for the investments sector, the IAIS Principles for insurance regulation and the FATF 40 + 8 Recommendations which are recognized as the international standard in the combat against money laundering and financing of terrorism.
In a solid endorsement of Cayman’s high regulatory standards, the IMF report concluded that the Cayman Islands complied with every principle in the area of banking regulation, 25 of the relevant 26 principles for the investments sector, 11 out of 17 of the IAIS standards for insurance and all but two of the FATF’s 40 + 8 Recommendations.
‘We are confident that the report’s recommendations will be considered seriously by the Cayman Islands government and by CIMA and that the industry will work together to address the relatively few outstanding issues,’ said Mr Eduardo D’Angelo P. Silva, CIFSA director.
‘However we are particularly pleased that the report was so overwhelmingly positive and will continue our efforts to communicate – especially to the global financial community – that the success of the Cayman Islands as a leading financial services jurisdiction is only surpassed by its commitment to adhering to all relevant international regulatory standards.’
Who They Are
The Cayman Islands Financial Services Association (CIFSA) was formed in November 2003. It comprises individual companies and key associations including: the Cayman Islands Society of Professional Accountants (CISPA), the Law Society, the Society of Trust and Estate Practitioners (STEP), the Fund Administrators Association, the Company Managers Association, the Bankers Association and the Insurance Managers Association. The Association’s mission is to communicate the integrity and quality of Cayman Islands financial services.