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Article: International Monetary Fund Assessment Points to Quality and Strength of Cayman Islands' Regulatory and Anti Money-Laundering Regimes; Newly Published Report Finds Strong Compliance Culture, Professional Infrastructure and Regulatory Supervision Well Within International Standards.
- Article from:
- PR Newswire
- Article date:
- March 14, 2005
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GEORGE TOWN, Grand Cayman, March 14 /PRNewswire/ -- A report released today by the International Monetary Fund (IMF) assessing regulation within the Cayman Islands' banking, insurance and securities industries and anti-money laundering regime has recognised the jurisdiction's comprehensive regulatory and compliance frameworks.
"An extensive program of legislative, rule and guideline development has introduced an increasingly effective system of regulation, both formalising earlier practices and introducing enhanced procedures," noted the assessment team in the executive summary of the two-volume report.
The report further stated that, "the supervisory ...