The Cayman Islands Monetary Authority, more commonly known as CIMA, has reportedly increased internal security measures within the agency, allegedly to prevent the disclosure of confidential information to the press, and the public at large. It is thought that these new procedures were implemented as the result of the currently pending billion dollar civil suit, involving Middle Eastern parties, where massive fraud has been alleged, but this is unconfirmed; That action is now on trial.
What we are hearing is that sources within CIMA are no longer freely sharing information with trusted confidantes, and that media access has been reduced. A close look at Cayman media stories, where CIMA is named or involved, shows that coverage appears to have diminished of late. Friends of CIMA officers also report hearing less small talk about Cayman Islands financial matters from their contacts.
Investors, and businessmen, not residing in the Cayman Islands, depend upon the domestic Cayman press for information related to risk, and coverage of financial crime, regulatory violations, and criminal cases involving Cayman entities, is vital for this purpose. When a government agency deliberately seeks to become even more opaque, and succeeds in suppressing the free flow of information to the media, and the public, risk levels cannot be accurately accessed, and losses may more easily occur.
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