IMF Undertaking Assessment Of Caymans' Regulatory Regime

by Phillip Morton, InvestorsOffshore.com

11 March 2009

A team from the International Monetary Fund (IMF) is currently in Grand Cayman conducting an assessment of the supervision and regulation of the Cayman Islands financial sector.

The IMF delegation will be hosted by the Cayman Islands Monetary Authority (CIMA) and will carry out an in depth assessment of the Cayman Islands financial services sector from March 2 until March 13.

The review is an update on the 2003 IMF Assessment, which was published in 2005. The assessment will not include a separate review of the anti-money laundering regime as the Caribbean Financial Action Task Force (CFATF) covered this in 2007. The summary of the CFAFT Report will be included as part of the IMF's report.

During the two-week visit, members of the group will be meeting with the Cayman Islands Monetary Authority, government officials, and representatives from the financial services sector. The IMF contingent is being led by Effie Psalida, the Deputy Division Chief, Monetary and Capital Markets Development, IMF. Other members are Mariano Cortes of the IMF; Mr. Richard Pratt, banking expert, Tannis Maclaren, securities expert and Su Hoong Chang, insurance expert.

At the end of the visit the team and CIMA will conduct a joint workshop for CIMA and other regulatory personnel and industry representatives on conducting stress testing within the industry.

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