five jurisdictions sign memorandum to work from iom in the event of a major disaster
Intermediaries based in the Bahamas, Dubai, Mauritius, Cayman Islands and Bermuda will now be able to temporarily move to the Isle of Man in the event of a major disaster without need for a license. Concerns that financial services companies might need to run their businesses in the short term from another location have increased with the recent devastation caused by hurricanes in the Cayman Islands, which took out telecommunications systems and power lines; and with the perceived increase in the risk of terrorist attacks on infrastructure. The island first passed its disaster recovery l...
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