Financial Crime World

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Tax Transparency and Compliance

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The Cayman Islands has been consistently rated as compliant with international tax transparency and cooperation standards by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The jurisdiction has received a “sufficiently strong” rating from the Financial Stability Board in 2011, indicating its high level of adherence to global regulatory and supervisory standards.

IMF Report

In its 2009 update assessment report, the International Monetary Fund (IMF) noted substantial progress in supervision and regulation of the Cayman Islands’ financial industry. Enhancements included changes to legislation, increased independence and resources for the Cayman Islands Monetary Authority (CIMA), and improved transparency of the funds sector.

Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT)

The Cayman Islands has made significant progress in combating money laundering and financing terrorism. The Caribbean Financial Action Task Force (CFATF) rated the jurisdiction as:

  • Compliant with 14 recommendations
  • Largely compliant with 24 recommendations
  • Partially compliant with 10 recommendations

Insurance Industry

The Cayman Islands is the second-largest offshore captive domicile in the world and the largest for number of health care captives. A new Insurance Law was passed in September 2010, creating a category of license for reinsurers and setting the stage for the jurisdiction to advance as a reinsurance domicile.

Investments and Securities

The Cayman Islands is home to the majority of all funds worldwide having characteristics of a hedge fund. CIMA-authorised funds reported total net assets at US$3.6 trillion for the financial year 2016.

Key Facts

  • The Cayman Islands remains the second-largest offshore captive domicile in the world.
  • The jurisdiction is the largest domicile for health care captives.
  • A new Insurance Law was passed in September 2010, creating a category of license for reinsurers.
  • CIMA-authorised funds reported total net assets at US$3.6 trillion for the financial year 2016.

CIMA’s Regulatory Oversight

The Cayman Islands Monetary Authority (CIMA) provides regulatory oversight to the jurisdiction’s financial services industry, including insurance and investment sectors.