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Caribbean IFCs: facing headwinds

INTRODUCTION
Across the Caribbean, the governments of a number of countries and territories have nurtured offshore financial services as part of policies to diversify economies away from tourism...
BERMUDA
In the latest (2018) Annual Report of the Bermuda Monetary Authority (BMA – the central bank and omnibus financial regulator), Chairman Gerald Simons observed that ‘the BMA’s drive to align itself internationally has been vital to Bermuda’s financial stability’...
CAYMAN ISLANDS
Given the number and size of international banks that it supervises, the Cayman Islands Monetary Authority (CIMA – the central bank and omnibus regulator) considers The Bahamas, Panama, Jersey, Luxembourg, Switzerland, Hong Kong, and Singapore as peers...
BRITISH VIRGIN ISLANDS
The British Virgin Islands (BVI) is widely recognised as one of the world’s leading IFCs for incorporation of companies...
THE BAHAMAS
As an IFC, The Bahamas stands out for the number of services available and organisations involved, rather than scale – in absolute terms and relative to the region’s other IFCs...
BARBADOS
Since the early 1980s, when the Exempt Insurance Act was passed, protagonists in Barbados’s financial sector have focused on the development of international (re)insurance and captive insurers...
OTHER CENTRES - Trinidad & Tobago, Curaçao, and Panama
Of the three, Trinidad & Tobago is the only one which – like the others mentioned in this report – is a common law (as opposed to civil law) jurisdiction...

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