Public Management and Finance Act 2010 (2020 Revision) and Audit Act 2009

The Cayman Islands is a British Overseas Territory governing internal finances under the Cayman Islands Constitution Order 2009 (UK SI 2009/1379). The primary PFM statute is the Public Management and Finance Act 2010 (2020 Revision), which establishes a biennial (two-year) output-based budget cycle, ministry-level financial reporting standards, and a fiscal responsibility framework. The Audit Act 2009 creates the independent Office of the Auditor General (Const. s.114), whose mandate includes financial and performance (value-for-money) audits; the 2024 General Report (auditorgeneral.gov.ky) found clean audits but USD 150 million in corrections and widespread procurement breaches. The Procurement Act 2016 and Procurement Regulations 2018 establish open competitive tendering through the Central Procurement Office (CPO). The Beneficial Ownership Transparency Act 2023 mandates company-level UBO registration consistent with FATF/OECD Global Forum obligations. The FOI Act 2007 (2021 reforms) applies to all ministries and statutory bodies, with the Ombudsman (ombudsman.ky/foi) providing independent oversight. The Anti-Corruption Act 2008 includes whistleblower protection provisions. No IMF membership, no PEFA assessment, no IBP OBS coverage. The Cayman Islands runs consistent fiscal surpluses from offshore financial centre status (no income tax, corporate tax, or capital gains tax). Currency: Cayman Islands Dollar (KYD), fixed KYD 1 = USD 1.20. Score: 59/100.

Transparency Requirements