CIMA Chairman predicts positive growth for local financial industry
Although the local hedge fund sector is facing challenges, Chairman of the Board of Directors of the Cayman Islands Monetary Authority (CIMA) Tim Ridley has indicated positive signs in the Cayman financial industry.
Mr Ridley has recently said that there have been significant achievements in the sector. According to him, despite the credit market problems, there has been continued growth in the hedge fund industry. He also pointed to the excellent assessment the jurisdiction received from the Caribbean Financial Action Task Force (CFAFF).
Mr Ridley said that anti-money laundering regime is the thing of which the Cayman islands can be proud. However, he noted that there is still work to be done in this area.
According to Ridley, one of the challenges facing the industry is the continuing ill-informed and outdated political and media commentary about the jurisdiction as well as other offshore financial services centres, particularly from the United States.
Chairman of the Board of Directors of CIMA said that the Authority will soon release some of the non-confidential statistical information.
Also, Ridley informed that the International Monetary Fund (IMF) will conduct the assessment of the Cayman Islands in 2008 to review the regulatory and legal regime in Cayman against international standards.