According to the Cayman Islands Monetary Authority’s (CIMA) remittance report, more than 260 million dollars was sent from the Cayman Islands during 2019 and 2020.
The lion's share of transfers, 60 per cent in approximation went to Jamaica; 16 per cent of the transfers went to the Philippines, followed by Honduras receiving somewhere in the region of 7 per cent of the transfers.
The first half of the year 2021 also indicated a similar trend to previous years, notwithstanding slowdowns in business activity linked to the COVID-19 pandemic.
The Money Services Act defines “money services business” as “the business of providing, in or from within the [Cayman] Islands, money transmission, cheque cashing, currency exchange, the issuance, sale or redemption of money orders or traveller’s cheques and such other services as the Cabinet may specify by notice published in the [Cayman Islands] Gazette.”
Companies like GraceKennedy Money Services (Cayman) Ltd., JN Money Services (Cayman) Limited, Financial Integrated Services Ltd. are licensed by CIMA as money services businesses, according to the website of the Cayman Islands Monetary Authority (CIMA).
To most people, these money services businesses are better known by the name of their service offering, namely Western Union, JN Money Transfer and Moneygram. They offer an alternative to a retail bank as a way for people to send money overseas. The services can be especially utilised by those who are working in the Cayman Islands but...
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