Financial Sanctions Licence Powers Extended in Territory Regulations

Enhancing Financial Sanctions Enforcement in the Territory

New regulations have been introduced to grant additional powers to authorized officers, aimed at strengthening the fight against money laundering and terrorist financing in the Territory.

New Powers for Authorized Officers

Under the revised regulations, authorized officers will now be able to:

• Enter premises without a warrant
• Seize documents and electronic data
• Search individuals suspected of involvement in financial sanctions-related offenses
• Use reasonable force if necessary

New Penalties for Non-Compliance

The regulations also introduce new penalties for non-compliance with financial sanctions rules, including:

• Imprisonment for up to seven years
• Fine
• Both imprisonment and fine

Applicability

These changes apply to various British overseas territories, including:

• Anguilla
• The Cayman Islands
• The Turks and Caicos Islands

Key Changes

• Authorized officers granted powers to enter premises without a warrant • Seizure of documents and electronic data authorized • Search of individuals suspected of involvement in financial sanctions-related offenses permitted • Reasonable force can be used by authorized officers if necessary • New penalties introduced for non-compliance with financial sanctions rules, including imprisonment and fines

Comment

The introduction of these new powers is a welcome step in the fight against money laundering and terrorist financing. The expanded authorities granted to authorized officers will enable them to more effectively enforce financial sanctions and protect the Territory’s financial system.

The new penalties introduced for non-compliance with financial sanctions rules also send a strong message that violators will be held accountable. We hope that these changes will help to maintain the Territory’s reputation as a responsible and compliant jurisdiction in the global financial system.