Financial Sanctions Enforcement in Cayman Islands Tightens

Government Agency Publishes Critical Guide

The Cayman Islands Government’s Financial Reporting Authority (FRA) has taken a significant step to strengthen financial sanctions enforcement on the island by publishing a comprehensive guide outlining the country’s targeted financial sanctions regime. This move is seen as a crucial measure to prevent and combat money laundering, terrorist financing, and other illicit activities.

Key Features of the Guide

• The “Quick Guide to Financial Sanctions in the Cayman Islands” provides a detailed overview of the country’s sanctions framework, which has been updated following the end of the Brexit transition period.
• The guide is aimed at ensuring that financial institutions, businesses, and individuals operating in the Cayman Islands are aware of their obligations under the regime.

Publication of Sanctioned Persons and Entities

The FRA has published the “UK and Overseas Territories (OTs) Sanctions after the End of the BREXIT Transition Period”, which outlines the list of sanctioned persons and entities. The document is available on the FRA’s website for public access.

International Cooperation

In a statement, the FRA emphasized the importance of international cooperation in enforcing financial sanctions, urging institutions to report any suspicious transactions or activities to its enforcement team at enforcement@dci.gov.ky or by contacting (345) 244-6677 / (345) 945-0943.

Impact on the Cayman Islands

The move is seen as a significant step towards bolstering the Cayman Islands’ reputation as a major financial hub, and is expected to strengthen ties with international partners in the fight against financial crime.