CIMA Signs Updated MoU With Brazilian Central Bank
The Cayman Islands Monetary Authority has announced that it will shortly have
in place a revised memorandum of understanding with Banco Central de Brazil
(BCB), which streamlines the memorandum in line with Cayman’s laws and new regulations.
The first such agreement between CIMA and its Brazilian counterpart was signed
on 10 February 1999. The newly modified MOU comes about after a strengthening
of laws regulating Cayman’s financial services. The Cayman cabinet has given its approval to the revised MOU which, among other
things, includes references to Cayman’s financial intelligence unit and
ensures that on-site inspections are governed by subsequent amendments to the
CIMA law. “We are happy that the MOU with Brazil has progressed to this stage,”
commented CIMA Acting Managing Director Patrick Bodden. “As a regulator, we are always willing to help out fellow regulators,”
he added. In 2002 CIMA developed a model MOU for establishing cooperative relationships
with authorities in other jurisdictions, and this model was approved by the
then Executive Council. CIMA also has MOUs with the Bank of Jamaica, the Bermuda Monetary Authority,
Isle of Man Financial Supervision Commission, and the Superintendency of Banks
in the Republic of Panama. In addition to those bilateral agreements for cooperation in financial services,
CIMA is signatory to a multilateral MoU involving the central banks of Barbados,
the Bahamas, Belize, Trinidad and Tobago, Jamaica, the Netherlands Antilles,
and the financial services commissions of the British Virgin Islands, and Turks
and Caicos. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.