Growth is driven mainly by the tourism industry which performed well last year.
The government has taken steps to attract more tourists and to combat money laundering, both of which should enhance the economic prospects of the territory. The government plans to set up an independent Tourism Attraction Board, which would assume ownership and operational responsibility for various sites currently owned by the state. The Criminal Conduct Act was passed in September of last year and it extends existing anti-narcotics legislation in the Caymans to cover the financial services sector. The new legislation makes it a criminal offence for financial institutions to assist money-laundering or to fail to report suspicious transactions. It also allows the monetary authorities to confiscate the proceeds of such crime.