 Currently he is a member of the influential Washington-based financial advisory body, the Group of Thirty He was also chairman of the Basel Committee on Banking Supervision since May, 2003.Caruana took over the Basel II project at a difficult time, and won respect and praise from both regulators and the financial services industry for ultimately delivering the revised accord in June 2004.In August 2006, Jaime Caruana was appointed to the International Monetary Fund (IMF) by Rodrigo de Rato, as counsellor and director of the Monetary and Capital Markets Department, a new financial, capital and regulatory department.