CIMA and Cayman Finance defend Cayman following FIFA scandal


Both the Cayman Islands Monetary Authority (CIMA) and Cayman Finance have moved to defend the jurisdiction’s reputation following allegations and investigations in relation to activities of a number of FIFA officials including Jeffrey Webb, the former CONCACAF president and FIFA vice president.

CIMA said that its board of directors has been updated on the steps taken by management in relation to alleged connections with certain Cayman Islands regulated entities. It added that it guards its reputation carefully and will take all steps necessary to ensure that it acts in accordance with good governance at all times.

It said that on becoming aware of these developments, it began reviewing the available information and established an internal group headed by Charles Ilako, the head of banking supervision, supported by Robert Berry, the head of compliance, and André Mon Désir, the deputy general counsel.

It said the composition of this group was specifically structured with a view to avoiding any perceived conflicts of interest.

It said in a statement: “The board is confident that the proper principles and procedures have been adopted by CIMA as in the past, where there is a real or perceived conflict of interest.

“This would apply whether the conflict involves a member of the board, management or Staff of the authority.

“It should be noted that CIMA is a statutory authority and as such is subject to the relevant provisions of the Monetary Authority Law and the Anti-Corruption Law relating to conflicts of interest.

“In addition, the board of directors, the management and staff of CIMA are subject to Codes of Conduct which include requirements and obligations concerning conflicts of interest. Therefore it should be evident that good governance is an entrenched part of the CIMA culture.

“The board also takes this opportunity to affirm its confidence in the managing director and Management of the Authority in the work that they have done over the years and indeed continue to do in protecting the reputation of the Cayman Islands as an international financial centre.

“CIMA carefully guards its reputation as the primary regulator of the Cayman Islands financial services industry, and will take all necessary steps to ensure that it acts in accordance with good governance and best practices at all times.”

Meanwhile, Jude Scott, the chief executive of Cayman Finance, has given a number of interviews asserting that Cayman has no tolerance and sort of illegal activities.

Jude Scott, Jeffrey Webb, CONCACAF, FIFA, Cayman Islands Monetary Authority, CIMA,

Cayman Funds