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Cayman/Brazil Banking Agreement Signed

Tax-news.com

10 February 1999


The Memorandum of Understanding (MOU) signed on 10 February 1999, between the Cayman Islands and Brazil, affirmed the relationship ruling cross-border banking supervision. At the signing ceremony, Cayman's Financial Secretary, the Hon. George McCarthy noted that the agreement provided a good base for sharing information after a long period of negotiations with the Central Bank of Brazil. Brazil's representative, Dr Mauch felt the MOU demonstrated positive cooperation between Cayman and Brazil and encouraged sound international banking practices. The Cayman Islands belong to the Offshore Group of Banking Supervisors (OGBS). The Monetary Authority, Cayman's official supervisory body for the financial industry, intends to sign a MOU with each nation whose banks trade in Cayman.

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