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.
