CIMA Appoints New Head Of Banking Supervision

by Amanda Banks, Tax-News.com, London

08 September 2005

The Cayman Islands Monetary Authority has announced the appointment of a new Head of Banking Supervision as Anna McLean steps down from the post.

Ms McLean will be replaced by Malcolm Eden, a graduate of the University of Manchester with over nine years experience in banking supervision and finance. Mr. Eden will be responsible for the administration of the Banks & Trust Companies Law, and for assisting with the regulation of the financial industry as a whole.

Ms MacLean noted that since she joined the Financial Services Supervision Department of the Cayman Islands Government in 1990, which has since been superseded by CIMA, the Cayman Islands has successfully overcome some major challenges in the regulatory sphere.

“It was during the period that the Cayman Islands was under pressure from various international initiatives by organisations such as the FATF, Financial Stability Forum and OECD,” she stated.

“We worked hard to deal with those challenges and to create a system that meets international standards. The reward for me was in seeing the jurisdiction recognised as well-regulated and this year receiving a favourable report from the IMF.”

Ms MacLean added that she was leaving CIMA in good shape, observing that: “I’m leaving a team of professional, highly qualified individuals to carry on. That makes me happy. I know the division and CIMA are in good hands.”

Recommended