The Cayman Islands

The Cayman Islands are often presented in an unwarranted negative light, but we would like to ..... this image by highlighting the nation's participation in the war against the financing of terrorism and money laundering.

Although they are sometimes still called "the islands that time forgot", the Caymans have advanced considerably from the use of smudges to ..... off the mosquitos.

Less than twenty years after the opening of the country's first bank, the Misuse of Drugs Law was passed, and incorporated within it is the power to seize and ..... laundered assets and money from drug trafficking.

As early as 1989, the Cayman Islands Bankers Association promulgated a Code of Practice, and its member banks were required to abide ..... it.

In 2001, in spite of the fact that this Code of Practice and ..... due diligence requirements were in place, the Cayman Islands was placed in its first list of Non-Cooperative Countries & Territories by the Financial Action Task Force.

A main reason for Cayman's inclusion on this list was the lack of legislative ..... in covering the practices of the industry and the consequent paucity of prosecutions.

The International Monetary Fund in 2006 released its evaluation of the Cayman Island's regulation and monitoring of its financial sector, a report which was based on information ..... from the IMF's 2005 visit.

This assessment indicates that, although there is room for improvement, the Caymans appear to be holding their ..... in the war against illegal money, especially considering the relative newness of their financial institutions.

It is less easy to purchase ..... or real estate, establish a company or a trust, or open a bank account in the Cayman Islands than it is in many other jurisdictions.

The Cayman Islands are extremely pleasant to visit, but we welcome only those who intend to bring and operate legitimate businesses to and within its ......