With the signing of a Memorandum of Understanding (MOU) between the Cayman Islands and Brazil, on Wednesday, February 10, the two countries have cemented relationships governing cross border banking supervision.
In welcoming Central Bank of Brazil's Director of Banking Supervision, Dr. Claudio Mauch and Advisor, Mr. Alvir Hoffman, to the Islands, Cayman's Financial Secretary and signatory to the document, the Hon. George McCarthy, noted that the agreement has been under consideration for some time. "It is good that the Monetary Authority has persevered with the Central Bank of Brazil to reach this point. There is now a solid base for mutually sharing information and providing assistance," he said.
Dr. Mauch was equally enthusiastic, referring to the MOU as a new step between Cayman and Brazil. Signing the document, he said, "International co-operation between supervisors encourages sound, safe banking practices and this is particularly important to our banking interests. A closer relationship can only enhance our supervision practices."
As a member of the Offshore Group of Banking Supervisors (OGBS), the Cayman Islands continues to strive towards clear agreements on international procedural and supervisory issues. The Monetary Authority, the government agency primarily responsible for the regulation and supervision of the financial industry, remains committed to entering into a MOU with each home supervisor seeking to undertake on-site work in Cayman.
Monetary Authority Managing Director, Mr. Neville Grant, readily explained such commitment; "It is widely recognised that it is in the best interests of all if there is co-operation in exchanging information regarding units of banks operating in territories away from their home regulators," he said.
Mr.McCarthy also thanked Monetary Authority Managing Director, Mr. Neville Grant for his efforts in making the day's ceremony a reality.
Witnessing the signing of the MOU were Mr. Grant and Mr. Hoffman, together with Monetary Authority Board Members, Sir Vassel Johnson and Mr. Mike Austin. (GIS)
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