GRAND CAYMAN (Thursday, 14 May 2015) Managing Director of Cayman Islands Monetary Authority, Mrs. Cindy Scotland, has been reappointed Deputy Chairman of the Group of International Financial Centre Supervisors (GIFCS). Mrs. Scotland has served in this capacity since 2011.
GIFCS is an association of authorities concerned with the supervision of banks and related financial services primarily engaged in cross-border activities. The group has a core interest in promoting the adoption of international regulatory standards, especially in the banking, fiduciary and AML/CFT arena. GIFCS recently published a revised Standard on the Regulation of Trust and Corporate Service Providers (TCSPs). The document sets out a Standard for jurisdictions and Regulators to measure their compliance against, or to work towards developing, a framework for the regulation and supervision of TCSPs.
She was recently re-elected to the Board of the International Association of Currency Affairs (IACA). IACA has as its goal, “to provide for in international exchange for consultation and collaboration on matters of interest to stakeholders in the cash payments cycle and to GIVE BACK to the industry through the benefits provided from our various project work, programs and information resources”.
Member companies of IACA include Central Banks, currency-Issuing Authorities, Ministries of Finance, State and commercial printworks and State and commercial mints.
Mrs. Scotland also represents the Cayman Islands on the Financial Stability Board’s Regional Consultative Group for the Americas.
She says, “I am honoured to represent the Authority and the Cayman Islands on these boards, because it is important for us to contribute to the development of international best practice in the financial services industry. These appointments also confirm the standing which the jurisdiction has as a reputable financial services centre, and the Authority as a regulator, in the international community.”