FRA advises Cayman firms
on Russia sanctions
Cayman's Financial Reporting Authority on Tuesday (1 March) issued a public notice outlining how the recently imposed UK sanctions on Russia impact the Cayman Islands.
Click here to read the full public notice.
The UK government issued new restrictive economic measures in response to Russia's invasion of Ukraine.
To date, several banks, individuals, and entities have had their assets frozen. They include but are not limited to:
What must be done?
i. check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to the Notice;
ii. freeze such accounts, and other funds or economic resources and any funds which are owned or controlled by persons set out in the Annex to the Notice;
iii. refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Governor;
iv. report any findings to the FRA at email@example.com, together with any additional information that would facilitate compliance with the Regulation;
v. provide any information concerning the frozen assets of designated persons to the FRA at firstname.lastname@example.org by completing and submitting a Compliance Reporting Form (CRF) available from the website http://fra.gov.ky/contents/page/1. Information reported to FRA may be passed on to other regulatory authorities or law enforcement.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
The full list of those subject to financial sanctions under the Russian Regime can be found at: