The Cayman Islands Authority has released its Look Forward Report: 2007-08. The report details CIMA's mission, goals and objectives and outlines the strategies, tactics and specific non-routine work projects CIMA will undertake during this fiscal year to meet the objectives.
CIMA's Chairman, Mr Timothy Ridley, commented: "The Look Forward Report is now in its third year and is an important part of the Authority's governance. It demonstrates our continued commitment to transparency in our operations and planning and to the most effective use of our resources."
Several new initiatives are outlined in the report. The infrastructure for the staged implementation of the Basel II regulatory framework for banks will be put in place. New rules, statements of guidance and/or procedures for the banking, fiduciary services, insurance and mutual funds sectors will be developed to ensure the continued sound regulation and proper functioning of these sectors.
The Authority will increase its efforts to engage constructively with international standard setters and overseas regulators and continue to be involved in relevant international forums. It will coordinate with local government agencies and private sector interests to address the regulatory aspects of international initiatives. The current regime governing CIMA's cross-border cooperation will be reviewed and will include a comparison of the regime in other jurisdictions.
The Authority will undertake a redesign of the banknotes, implement a new vault management system for the currency and review the level of currency reserves required to ensure ongoing statutory compliance. As part of it s goal of improving operational efficiency, CIMA plans to put in place a new governance framework for information technology and upgrade its database management system.
Several projects are also continuing from last year, including review of the Guidance Notes for the Prevention and Detection of Money Laundering.
Mrs Cindy Scotland, the Managing Director of the Authority, said both the routine and non-routine projects for 2007-08 were in keeping with CIMA's mission of fostering a competitive financial services industry. "We take seriously the need to ensure that our regulation of the industry adheres to appropriate international standards while not becoming overly burdensome for members of industry," she commented, adding: "We put a great deal of emphasis on ensuring that measures we introduce are relevant and necessary and that there is appropriate protection for the public."
The Look Forward Report can be accessed on CIMA's website at www.cimoney.com.ky, through the Current Developments page.