Grand Cayman, 3 May 2023 – During the latest meeting of Parliament, which took place on 26-28 April, seven amendment Bills that strengthen the Cayman Islands Monetary Authority’s (CIMA) powers to apply proportionate and dissuasive sanctions to all types of legal persons within its supervision were passed.

The Bills, presented by the Minister for Financial Services and Commerce, the Hon. André Ebanks, were:

• Monetary Authority (Amendment) Bill, 2023;
• Companies Management (Amendment) Bill, 2023;
• Directors Registration and Licensing (Amendment) Bill, 2023;
• Insurance (Amendment) Bill, 2023;
• Money Services (Amendment) Bill, 2023;
• Securities Investment Business (Amendment) Bill, 2023; and the
• Virtual Asset (Service Providers) (Amendment) Bill, 2023.

In addition, other amendments to the Monetary Authority Act allow CIMA to spontaneously share non-public information of criminal conduct uncovered during the carrying on of its duties with an overseas regulatory authority.