The Cayman Islands are a major international financial centre, largely accrediting their dependence on the historic English common law along with their tax neutrality for the development of its thriving financial services sector. The Islands are currently the fifth-largest banking centre in the world and are home to a total of 279 banks. The concentration of top-quality service providers contributes to them being internationally recognised as a sophisticated, experienced and diverse financial centre. Regulation and supervision of the financial services industry is the responsibility of the Cayman Islands Monetary Authority (CIMA).