Cayman Islands: Off-shore Financial Center Assessment Update-Assessment of Financial Sector Supervision and Regulation

International Monetary Fund

No 2009/323, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses findings of the assessment of Financial Sector Supervision and Regulation on the Cayman Islands. The assessment reveals that substantial progress has been made in the implementation of the 2003 Offshore Financial Center assessment recommendations, including, importantly, regarding Cayman Islands Monetary Authority’s independence and resources. There is scope for enhancing regulatory reporting and disclosure requirements by financial entities, such as shortening the period for filing required documents and requiring all insurers to disclose their use of derivatives and similar commitments regularly.

Keywords: ISCR; CR; CIMA staff conduct business; Cayman Islands banking sector; risk assessment; CIMA bank; securities investment business; supervisory approach; Cayman Islands Monetary Authority-Investment; resources of the Cayman Islands Monetary Authority; C.I. dollar; Cayman Islands GDP; CIMA staff number; CIMA's reputation; CIMA's approach; CIMA's ability; Insurance companies; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Caribbean; Europe; South America; North America; Global (search for similar items in EconPapers)
Pages: 31
Date: 2009-12-08
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