Regulators in key offshore financial center, the Cayman Islands have opted to strenghten reporting requirements for their booming hedge fund industry. 8,000 funds are expected to be registered in the Caymans by September, managing more than $1 trillion. Perhaps as many as 80% of all funds worldwide have a presence in the Caymans.

And, I hear, the beaches are lovely.

The new electronic reporting requirements will help local regulators better track funds and also offer better data collection statistical data regarding the industry as a whole. The new measures are expected to be in place by the end of '06. More here.

And for all your off shore news, do bookmark David Marchant's KYCNews.

Well worth your while.

-- MDT