One of the first industries
people think about when the
Cayman Islands are mentioned is
the broad range of financial
services. The financial industry
is a main stay of the Cayman
economy. The Cayman Islands make
up the world’s fifth largest
financial centre. As of October
2002 there are approximately
5,945 registered companies in
the financial industry in the
Cayman Islands. In 1997 the
Cayman Island Stock Exchange
(CSX) was established, primarily
to provide listing and exchange
of international mutual funds,
equity and capital market
interests. Throughout the global
community the Cayman Islands is
recognized as a sophisticated,
mature and diverse financial
centre. As a premier financial
services jurisdiction, Cayman
attracts the world's leading
accounting, legal and investment
firms, and the banking industry
remains a cornerstone of
Cayman's success. Currently,
there are 389 banking companies
in Cayman, including 43 of the
world's largest 50 banks.
Adherence to the regulatory
standards of the Basle Committee
on Banking Supervision is
fundamental to the regulatory
approach, and the Cayman Islands
are an active member of the
Basle Committee's Offshore Group
of Bank Supervisors. In
addition, there exists a unique
combination of stability,
innovative legislation,
commercial strength, Government
support, and the absence of
corporate, capital gains,
income, payroll and withholding
taxes, on domestic or foreign
entities. Banks subscribe to the
"know your client" tenet, and
the Cayman Islands as a
jurisdiction maintains a robust
anti-money laundering regime
which extends to the proceeds of
all serious crime as defined
under the 'gateway' legislation.
The Cayman Islands welcome only
substantial, recognized, well-run
banks and, as a result, banks with
household names from all corners of
the globe are taking advantage of
Cayman's modern facilities to
conduct international business.
These banks are licensed under the
Banks & Trust Companies Law (2001
Revision). Cayman offers a full
range of banking products for local
and non-resident clients. Deposit,
savings, and checking accounts are
widely available at many banks with
competitive interest rates offered
in all major currencies. Time
deposits are particularly popular,
although it should be realized that
interest rates correspond to
prevailing international rates at
any given time. Other services
readily available include letters of
credit, foreign exchange,
guarantees, safe custody, commercial
loans, and mortgages. The Cayman
domestic banking scene reflects a
buoyant economy making the industry
one of the largest employers on the
Island. This status ensures an
experienced work force well able to
respond to market trends. The
supporting infrastructure in the
Cayman Islands is modern and
sophisticated. Real-time online
access to the world’s major
financial markets meets the needs of
clients who demand cross-border
services equal to those of New York
or London.
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