Cayman Islands: Off-shore Financial Center Assessment Update—Assessment of Financial Sector Supervision and Regulation
IMF Staff Country Reports, December 8, 2009
Source details
- Canonical URL
- Cayman Islands: Off-shore Financial Center Assessment Update—Assessment of Financial Sector Supervision and Regulation
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Bibliographic details
- Published: December 8, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451809756.002
Executive findings
- The assessment finds that substantial progress has been made in the implementation of the 2003 Offshore Financial Center assessment recommendations.
- Improvements specifically include enhancements regarding the Cayman Islands Monetary Authority’s independence and resources.
- The assessment identifies scope to enhance regulatory reporting and disclosure requirements by financial entities.
Key supervisory and regulatory recommendations
- Shorten the period for filing required documents by regulated financial entities.
- Require all insurers to disclose regularly their use of derivatives and similar commitments.
Thematic focus areas
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Banking and Financial institutions supervision
- Financial regulation and supervision practices
- Insurance and Insurance companies disclosure and oversight
- Mutual funds and securities investment business supervision
- Risk assessment and supervisory approach of the Cayman Islands Monetary Authority (CIMA)
Content in this bundle
- _cr09323 — Executive Summary