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.
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