Welcome
Introduction to the Cayman Islands Financial Services Industry
Welcome to the financial services industry Web site of the Portfolio of Finance & Economics, Cayman Islands Government. This site provides specific information on all aspects of the Cayman Islands financial services industry, including business segments, facts about the Cayman Islands , key contacts and information about professional organisations.
The birth of Cayman's financial industry in the 1960s heralded rapid, sustained development and prosperity. More than forty years later, the Cayman Islands is recognised as a sophisticated, mature and diverse financial centre. Over the past 15 years in particular, the Cayman Islands has focused on two main objectives: building a world-class specialization of institutional business and developing strong international cooperation agreements with the U.S. and other countries.
Today, the Cayman Islands financial services industry encompasses banking, trust services, company services, mutual funds, insurance, vessel registration, capital markets products and the Cayman Islands Stock Exchange.
At the Forefront of Business-Friendly Regulatory Practices
The Cayman Islands has progressively reinforced its regulatory and international cooperation regime to do its share with international partners in the global fight against financial crime. Cayman recognizes that this requires dialogue with the international community and ongoing commitment.
As such, there has been significant investment in resources in the industry regulator, The Cayman Islands Monetary Authority (CIMA). The Monetary Authority Law (2003 Revision) vests CIMA with powers to make licensing, supervisory and enforcement decisions, and to co-operate with international regulatory authorities.
The Cayman Islands has also been diligent in ensuring an appropriate regulatory framework. Domestically, this includes adherence to international anti-money laundering standards and global regulatory standards set out by the Basel Committee on Banking Supervision, the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS). Internationally, Cayman's commitment is demonstrated through bilateral mutual co-operation arrangements such as the mutual legal assistance treaty with the U.S. and various regulatory co-operation arrangements maintained by CIMA.
A recent report released by the International Monetary Fund (IMF) assessing supervision and regulation in the Cayman Islands ' banking, insurance and securities industries, as well as its anti-money laundering regime, recognised the jurisdiction's comprehensive regulatory and compliance frameworks.
"An extensive program of legislative, rule and guideline development has introduced an increasingly effective system of regulation, both formalising earlier practices and introducing enhanced procedures," noted IMF assessors. The report further stated that "the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors," adding that, "the overall compliance culture within Cayman is very strong, including the compliance culture related to AML [anti money-laundering] obligations...".
Last Updated: 2005-06-07