Cayman Finance Industry Gets Back On Its Feet After Ivan

by Amanda Banks, Tax-News.com, London

21 September 2004

In a statement released late last week, the Cayman Islands Monetary Authority (CIMA) revealed that the majority of the jurisdiction's financial services industry will resume operations this week.

The Monetary Authority explained that its headquarters received little damage as a result of the category 5 hurricane, meaning that it is able to assist its licensees in making a smooth transition back to normal business activity.

The statement went on to reveal that with the restoration of internet access and electricity to the capital of George Town, the confirmation from clearing banks that records and data have been unaffected, and that the banking system remains sound, financial institutions have recommenced the provision of a range of services.

Managing director of CIMA, Cindy Scotland praised the cooperation between the Monetary Authority, the government, and the private sector, observing that:

"Our willingness and ability to work together is a testament to the industry's commitment to ensuring that the Cayman Islands maintain its leadership role in the global financial community."

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