At a glance, the Cayman Islands may simply appear to be a small collection of islands located in the Caribbean Sea with less than 100,000 residents that are only notable for being a British Overseas Territory. These looks can be deceiving, since despite the Cayman Islands’ small population and geographic footprint they are a major international financial center. Per the 2019 Mutual Evaluation conducted by the Financial Action Task Force (FATF): “The Cayman Islands boasted the 6th largest banking sector in the world with a cross border asset position valued at $1.365 trillion dollars and was the 5th largest financial jurisdiction by cross border liabilities valued at $1.347 trillion” (Risks and General Situation, 8). Why the Cayman Islands is such a large international financial center is due in part to the ease of operating a business in the Cayman Islands – the territory famously lacks any taxation on corporate profits, capital gains and personal income for corporations and individuals who operate within the territory (Chon, 2). Additionally, the Cayman Islands has notably relaxed regulations for entities operating within its jurisdiction.