Significant Enhancements in Financial Services
BEPS
Country-by-Country
Reporting
commences
Continued
cooperating with
the EU on fair
taxation
Revamped
Accountants
Law
36 Tax
Information
Exchange
Agreements
2nd Bilateral
AEOI, UK IGA
Bearer Shares
Abolished
Mutual
Administrative
Assistance
Convention
in Force
C RS Early
Adopter
Multilateral
Competent
Authority
Agreement
Signed
Vice-Chair,
Global Forum’s
Peer Review
Group
Global Forum
Rating: Largely
Compliant
MOUs with
ESMA members
FSB: Cayman
Strongly Adheres
to International
Standards
MMOU Signed
with IOSCO
Global Forum
Supplementary
Report
UK Bribery Act
Extended to
Cayman
Implemented
International
Agreed Tax
Standards
Restructured
Global Forum,
Steering Group
& PRG Membership
IMF Report
Grand Court Opens
Financial Services
Division
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
First Phase
of Basel II
completed
Global Forum
Phase 1 Report
OECD Anti-Bribery
Convention
Anti-Corruption
Law
AuditorOversight
Authority
1st OT to
support UK’s
G8 Agenda
on tax and
transparency
1st OT
to sign UK
FATCA
Mutual Administrative
Assistance Convention
Extended to Cayman
1st OT to Announce
Model 1 IGAs for US,
UK FATCA
31 Tax Agreements
Global Forum
Phase 2 Report
1st Bilateral
AEOI, US FATCA
CRS Regulations
in Place
Cayman AEOI
Portal Opens
Amended Guidance
Notes on the
Prevention and
Detection of Money
Laundering and
Terrorist Financing
Joined BEPS Inclusive
Framework
BEPS
Country-by-Country
Reporting by 2017
112 EOI Partners
Global Forum Rating:
Largely Compliant
First CRS Exchanges
EU commitment
on fair taxation
l
Ownership Legislation
Commenced
Revamped Anti-Money
Laundering Regulations
Non-Profit Organisations
Law Commenced
Basel II
implementation
Began
Freedom of
Information Law
CFATF Third-round
Evaluation
Completed
CIMA granted
operational
independence
(Independent
2007 2005 2004 2003 2002 2001 2000 1990s 1980s 1970s 1960s
IMF Review
Tax Information
Authority Law
EUSD
Implementated
FRU becomes
Financial Reporting
Authority
Guidance Notes,
Prevention &
Detection of
Money Laundering
Terrorism Law
Criminal Justice
(international
Cooperation) Law
OECD Working
Group: Produced
Model TIEA
First tax
information
agreement
with the US
Money Laundering
Regulations, including
Beneficial Ownership
Data Collection
Advance
Commitment,
International
Transparency &
EOI Standards
Member, Global
forum EOI
Working
Cayman Islands
Monetary Authority
(CIMA)
Cayman Islands
Stock Exchange
Proceeds
of Criminal
Conduct Law
Financial
Reporting Unit (FRU)
Audit Office
of Executive
& Legislature)
Mutual Legal
Assistance
Treaty with
the US
Insurance Law
Banking
Inspectorate
Companies Law
Banks & Trust
Companies
Regulations Law
The Trusts Law
For more than 50 years, the Cayman Islands has taken definitive actions
to build and maintain a globally compliant financial services regime.
This timeline demonstrates all the legislative and regulatory measures taken
by the Cayman Islands in its continuous cooperative efforts to adhere to all
agreed international standards.
These actions allow the Cayman Islands to be self-supporting, and to provide
economic value to other jurisdictions worldwide.
Tax Transparency
& Cooperation
Regulatory Compliance
& Cooperation
Anti-Corruption
AML/CFT
(Beneficial Ownership)
© 2018 Cayman Islands Ministry of Financial Services