CIMA, TCI sign agreement

The Cayman Islands Monetary Authority has signed a Memorandum of Understanding with the Turks and Caicos Islands.

Cayman’s 19th MOU of this kind, signed on 25 February, covers the exchange of information and investigative assistance between CIMA and the Turks and Caicos Financial Services Commission.

It formalises cooperation between the two Caribbean authorities, which hitherto had been occurring informally.

Kevin Higgins, managing director of the TCI FSC, who signed on behalf of the Turks and Caicos Islands, said he welcomed the development and “looks forward to working more closely with one of the premier regulatory agencies in the Caribbean”.

CIMA’s Managing Director Cindy Scotland concurred, saying: “We are pleased to formalise methodologies of cooperation that has existed between CIMA and the Turks and Caicos Islands.

We see this MOU as reinforcing our strong international cooperation regime and further demonstrating our commitment in this area.”

The MOU is similar to the other 18 agreements in place between CIMA and overseas financial regulators.

It outlines the types of assistance that can be requested and given by CIMA and the TCI FSC.