FSB praises Cayman Islands for robust regulation
The Cayman Islands’ adherence to global regulatory and supervisory standards on international cooperation and information exchange has been found “sufficiently strong” by the Financial Stability Board (FSB). This was revealed in a report commissioned by the G20. It is worth mentioning that “sufficiently strong” is the highest assessment possible.
The FSB, a supranational body whose membership includes the OECD and the Committee on the Global Financial System, suggested that the Cayman Islands is one of 41 jurisdictions that, in the most recent International Monetary Fund-World Bank assessment reports, was determined to be compliant or largely compliant with all, except one, of the relevant cooperation and information exchange standards. As many as 61 jurisdictions were evaluated by the FSB.
According to Premier and Minister for Finance, McKeeva Bush, the FSB’s conclusions on the Cayman regime are a “robust affirmation that the jurisdiction is well-respected, and a good place to conduct business”. He also noted that, in terms of cooperation, the jurisdiction is placed alongside the giant economies of the G7 and G20 countries.
Chairman of the CIMA, George McCarthy, added that the assessment validates the extensive focus placed by the Cayman Islands on international cooperation and involvement in regulatory matters. He said that CIMA has put significant resources to ensure that the offshore jurisdiction meets international standards that relate to all the sectors we supervise.