Cayman Signs MoU With TCI

by Amanda Banks, Tax-News.com, London

04 March 2011

The Cayman Islands have signed a new Memorandum of Understanding (MOU) with the neighbouring islands of Turks and Caicos.

The MOU is the 19th signed by the Cayman Islands Monetary Authority (CIMA) and provides for the exchange of information and investigative assistance between CIMA and the Turks and Caicos Financial Services Commission (TCI FSC). It was signed on February 25, and formalizes cooperation between the two Caribbean authorities, which had been informally occurring otherwise.

The MOU outlines the types of assistance that can be requested and given by CIMA and the TCI FSC. This includes:

• providing, confirming or verifying information;
• obtaining specified information and documents from other parties;
• discussing issues of mutual interest;
• arranging and/or conducting inspections of financial services providers, and
• permitting representatives of the requesting authority to participate in enquiries by or on behalf of the requested authority.

It also sets out the procedure each regulator will use for making requests and how requests will be assessed to determine if the required assistance can be given.

TCI FSC Managing Director, Mr. Kevin Higgins, who signed on behalf of the Turks and Caicos Islands, said he welcomed the development: “The FSC looks forward to working more closely with one of the premier regulatory agencies in the Caribbean.” CIMA's Managing Director Cindy Scotland added: "We are pleased to formalize methodologies of cooperation that has existed between CIMA and the Turks and Caicos Islands. We see this MOU as reinforcing our strong international cooperation regime and further demonstrating our commitment in this area."

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