PRUDENCE & FORESIGHT
commercial opportunities and regulatory developments, to maintain
This cycle of reviewing and enhancing our funds sector benefits
from external assessments by global regulatory bodies, such as the
Caribbean Financial Action Task Force (CFATF). The CFATF assessed
Cayman in December 2017, and its report was published in March
As a member of the CFATF, a regional body modelled after the
Financial Action Task Force (FATF), Cayman seeks to uphold the
FATF’s standards for anti-money laundering and counter-financing
of terrorism regimes. As part of our policy to do our part in
combating global financial crime, the government will address the
recommendations in the CFATF’s report. Indeed, we have already
begun to do so.
The Cayman Islands’ financial services industry is built upon
a well-rounded offering of products and services, operating
within a robust regulatory framework. It is within this
business environment that Cayman has become recognised
as a world leader in international funds, ably supported by a respected
cadre of professionals in industry and the public service.
Such available expertise has allowed many funds to be domiciled in
the Cayman Islands. Statistics from our funds regulator, the Cayman
Islands Monetary Authority (CIMA), show that over the last three
years Cayman’s funds sector has observed steady growth.
Cayman was home to 10,992 mutual funds by December 31, 2018,
improving upon the 2017 year-end total of 10,599 mutual funds; and
upon the December 31, 2016 figure of 10,586 mutual funds.
Maintaining and further extending this leadership position
requires adaptability, prudence and foresight—and as such, Cayman
continues to review and enhance our funds regime, in light of
10 CAYMAN FUNDS | 2019
Shutterstock / Dmitry Rukhlenko
The Cayman Islands government continues to review and
enhance its funds regime to maintain its competitiveness, says
the Hon Tara Rivers, JP, MLA, Minister for Financial Services
and Home Affairs.