CIMA Chairman explains Cayman’s Success
CIMA Chairman explains Cayman’s Success
In the middle of June, Chairman of the Cayman Islands Monetary Authority (CIMA), Timothy Ridley, has indicated a “combination of fundamental core factors” responsible for the development of the Cayman Islands into 1 of the world’s largest and most successful international financial services centres.
At the Caribbean Investment Forum organised by Euromoney Conferences in Jamaica, Ridley spoke to some 400 delegates from the Caribbean, the US, Latin America and other regions, when discussing successful offshore financial centres in the Caribbean.
Ridley stated that the success of Cayman Islands was due to “providing the infrastructure, services and operational freedom and flexibility for international investors and businesses on a foundation of stable, certain, intelligent and balanced political, economic, social, legal and regulatory regimes.” The CIMA Chairman highlighted the industry’s growth and noted that it is connected with with policy and legislative developments and international cooperation. He also indicated that the role of the jurisdiction’s private sector and the institutional framework were very essential.
Ridley also mentioned some challenges that the Cayman Islands faced while continuedly developing of the industry as well as the ways it was dealing with them. These were as follows:
- pressure from the leading economic powers aimed at curtailing the activities of offshore financial centres;
- initiatives by international standard setters;
- building up resilience to natural and man-made shocks;
- immigration and human resource issues in the context of the worldwide shortage of skilled labour in the industry.