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By Christine Gaylican, Opalesque Asia:

With the global downturn still to be fully resolved, the Cayman Islands and other territory jurisdictions Bermuda and the Bahamas caught the ire and scrutiny of anti-offshore financial centre pundits criticising prevailing corporate laws implemented by their governments.

To strengthen its regulatory teeth and credibility, the Cayman Islands Monetary Authority (CIMA) has undergone major and radical changes in the past few months.

Industry analysts and international law experts said several other changes were needed. The challenge now lies in whether CIMA continues to provide the neutral tax structure it currently has, given the pressure that it is receiving from the British government to increase its coffers by means of implementing higher taxes on property and personal incomes of residents.

The well-known all-year summer refuge is now the Caribbean’s financial district, as it plays host to some 280 banks with $1.8 trillion in assets and liabilities booked through these local banks as of June-09.

Caymans could lose or chose to be the Caribbean’s financial capital with its implementation of amendments to its corporate laws.

CIMA’s regulatory framework upgrade continues

1. Acceptance in IOSCO. In June-09 (Source), CIMA's highly anticipated acceptance to IOSCO was obtained at the m......................

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