Bush says IMF report shows Cayman’s high standards

(CNS): Despite the list of recommendations made by the International Monetary Fund (IMF) regarding their latest assessment of the Cayman Islands regulatory regime, the premier, McKeeva Bush, has said the government welcomes the report. Speaking from London, where he is attending the Overseas Territories Consultative Council, Bush claimed the report was evidence of the county’s commitment to solid regulation. CIMA’s new chairman, George McCarthy congratulated the authority on their work to meet the IMF standards and said the report reflects the high standards that CIMA strives to meet and the seriousness with which the Authority takes its role

However, he acknowledged there was work to do. “As the report shows, there is no room for complacency, as we recognize the importance of the industry we regulate,” McCarthy added.

Bush believed the IMF findings showed that Cayman was in line with the best international standards. “We voluntarily participated in this assessment and welcome any others that are objective as we are confident that our financial industry and the supervisory regime can stand up to any scrutiny. The government broadly accepts the recommendations and it is our intention to give priority to implementing them in a timely manner, as far as best serves this jurisdiction and contributes to the stability of the global financial system,” he added.

The financial service sector and Cayman’s reliance upon it was one of a number of subjects which Bush reportedly discussed with FCO minister Chris Bryant while attending the OTCC. Although no official statements have yet been issued about Bush’s discussions with Bryant, it is believed the reviews of the civil service and possible revenue generation have caused conflict between the two parties.

At the end of the council on Wednesday, Bryant said a lot of ground had been covered over the past three days. "Our discussions have been wide-ranging, open and, at times, frank. Above all, I think they’ve been constructive. I hope Territory leaders would agree with that," he said.