Why bank in the Cayman Islands?
The Cayman Islands is a successful offshore financial center because of the high quality service providers, reputable law firms, as well as the Big Four accounting auditors which operate from the islands. 45 of the world’s top 50 banks have subsidiary or branch operations in the Caymans. A report published by the International Monetary Fund (IMF), in March 2005, assessing supervision and regulation in the Cayman Islands’ banking, insurance and securities industries, as well as its anti-money laundering regime, recognized 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 formalizing earlier practices and introducing enhanced procedures,” noted IMF assessors. The report further stated that “the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well