About the Financial Reporting Authority
The FRA has evolved over the years. It began as the Financial Investigation Unit in the early 1980s, operating within police headquarters. In 2000 it underwent a name change to become the Financial Reporting Unit (FRU), with the head of unit becoming a civilian post and there being an appointed legal advisor. Line management for operational work was undertaken by the office of the Attorney General. Throughout this period, the role of the unit was to receive, analyse and investigate SARs, in addition to gathering evidence to support prosecutions.
In January 2004, with the introduction of the Proceeds of Criminal Conduct Law (PCCL), the FRU became the Financial Reporting Authority (FRA). The PCCL mandated that the FRA become a full-fledged civilian body and that its function change from being an investigative to an analytical type FIU. Accordingly its mandate was restricted to the receipt and analysis of financial information coupled with the ability to disseminate this intelligence to agencies, where authorised to do so by the PCCL. The FRA’s existence and independence were further enshrined in the PCL, which repealed and replaced the PCCL and came into force on 30th September 2008.
Targeted Financial Sanctions | Subscribe to sanctions notices |
During the 2016/2017 Financial Year, the FRA assumed responsibility for ensuring the implementation of targeted financial sanctions with respect to terrorism, terrorism financing, proliferation, proliferation financing, and other restrictive measures related to anti-money laundering (AML) and combatting the financing of terrorism (CFT) and proliferation (CFP) from and within the Cayman Islands.
The post of a Sanctions Coordinator (SC) within the FRA was created and filled during the Financial Year. The SC is responsible for coordinating the implementation of targeted financial sanctions. The SC will take a holistic approach to ensuring compliance with the sanctions regime, to cover the whole lifecycle of compliance. For example: promote compliance by publishing financial sanctions and engaging with the private sector, and enabling compliance by providing guidance and alerts to help them discharge their own compliance responsibilities. The SC also performs a central and proactive role in identifying potential persons for designation, assessing whether they meet the designation criteria and seeking the necessary approvals to make a recommendation to the Governor for consideration for the person to be designated.
In December 2017, the FRA issued the following Industry Guidance to assist relevant institutions in complying with their obligations regarding targeted financial sanctions relating to the prevention and suppression of terrorism and terrorist financing, and the prevention, suppression and disruption of proliferation of weapons of mass destructions and it’s financing:
Public Notice - Red Alert on "Russia use of gold as a means to undermine the impact of the UK sanctions regime", November 2023
Public Notice - The Russia Sanctions Regime, March 2022
FINANCIAL SANCTIONS GUIDANCE - December 2021
GUIDANCE - IDENTIFYING PROLIFERATION FINANCING
OFSI - GUIDANCE MARITIME SECTOR - Published 27 July 2020
PUBLIC NOTICE - The Myanmar Sanctions Regime
PUBLIC NOTICE - The Global Anti-Corruption Sanctions Regime
Public Notice - UK and Overseas Territories (OT's) Santions after the end of the BREXIT Transition Period
PUBLIC NOTICE - Introduction to Global Human Rights Sanctions Regime
PUBLIC NOTICE - REMINDER OF FINANCIAL SANCTIONS OBLIGATIONS IN THE CAYMAN ISLANDS
Quick Guide to Financial Sanctions in the Cayman Islands
Updated Asset Freeze & Trust Services Prohibitions License Application Form
Compliance Reporting Form (CRF)
DETAILS OF GENERAL LICENCES ISSUED BY THE GOVERNOR OF THE CAYMAN ISLANDS
14 April 2023 - General Licence GL/2023/0003 - Russia
Governor Pre-Designation Legal Fees GL/2023/0002 Report Part A Form
Governor Post-Designation Legal Fees GL/2023/0002 Report Part B Form
Publication Notice - General Licence GL/2023/0002 - Russia
15 December 2022 - General License GL/2022/02 - Russia
Publication Notice - General License GL/2022/02 - Russia
04 October 2022 - General Licence GL/2022/0001 - Russia
Publication Notice - General Licence GL/2022/0001 - Russia
Sanctions List in the UK
UK sanctions list - published by the Foreign, Commonwealth & Development Office (FCDO); contains all individuals, entities and ships specified/designated under the Sanctions Anti-Money Laundering Act 2018 (SAMLA) and Includes those designated under all types of sanctions including financial, immigration, trade and transport.
OFSI Consolidated list of financial sanctions targets - published by the HMT Office of Financial Sanctions Implementation (OFSI); contains all individuals and entities designated under SAMLA financial sanctions measures and other UK legislation (e.g. ATCSA) and does not cover non-financial sanctions designations.
The Cayman Islands Sanctions Regime - Updated: 21 April 2023
Financial Sanctions Notice - December 2023
Financial Sanctions Notice - November 2023
27 November 2023 - Iran (Nuclear)
16 November 2023 - ISIL (Da'esh) and Al Qaida
14 November 2023 - Counter-Terrorism (International)
Financial Sanctions Notice - October 2023
27 October 2023 - Iran (Nuclear)
26 October 2023 - Iran (Nuclear)
26 October 2023 - Democratic Republic of the Congo
20 October 2023 - Iran (Nuclear)
19 October 2023 - Iran (Nuclear)
18 October 2023 - Iran (Nuclear)
Financial Sanctions Notice - September 2023
22 September July 2023 - ISIL (Da'esh) and Al Qaida
15 September 2023 - Iran (Human Rights)
Financial Sanctions Notice - August 2023
21 August 2023 - Democratic People's Republic of Korea
10 August 2023 - Global Anti-Corruption
Financial Sanctions Notice - July 2023
25 July 2023 - ISIL (Da'esh) and Al Qaida
07 July 2023 - Iran (Human Rights)
06 July 2023 - Iran (Human Rights)
3 July 2023 - Democratic People's Republic of Korea
Financial Sanctions Notice - June 2023
19 June 2023 - Democratic Republic of Congo
06 June 2023 - ISIL (Da'esh) and Al Qaida
05 June 2023 - ISIL (Da'esh) and Al Qaida
Financial Sanctions Notice - May 2023
16 May 2023 - Global Human Rights
Financial Sanctions Notice - April 2023
27 April 2023 - ISIL (Da'esh) and Al Qaida
24 April 2023 - Iran (Human Rights)
21 April 2023 - Global Human Rights
18 April 2023 - Counter-Terrorism (Domestic)
Financial Sanctions Notice - March 2023
27 March 2023 - Global Anti-Corruption
27 March 2023 - Iran (Human Rights)
22 March 2023 - Russia [Correction]
20 March 2023 - Iran (Human Rights)
7 March 2023 - Democratic Republic of the Congo
Financial Sanctions Notice - February 2023
20 February 2023 - Iran (Human Rights)
10 February 2023 - Global Anti-Corruption
8 February 2023 - ISIL (Da'esh) and AL-Qaida
Financial Sanctions Notice - January 2023
23 January 2023 - Iran (Human Rights)
17 January 2023 - Iran (Human Rights)
17 January 2023 - ISIL (Da'esh) and AL-Qaida
14 January 2023 - Iran (Human Rights)
Financial Sanctions Notice - December 2022
9 December 2022 - Iran (Human Rights)
9 December 2022 - Global Anti-Corruption
9 December 2022 - Global Human Rights
Financial Sanctions Notices - November 2022
14 November 2022 - Iran (Human Rights)
11 November 2022 - Global Human Rights
Financial Sanctions Notice - October 2022
10 October 2022 - Iran (Human Rights)
Financial Sanctions Notice - September 2022
Financial Sanctions Notice - August 2022
9 August 2022 - Democratic People's Republic of Korea
2 August 2022 - Democratic People's Republic of Korea
Financial Sanctions Notices - July 2022
7 July 2022 - Democratic People's Republic of Korea
Financial Sanctions Notices - June 2022
16 June 2022 - Iran (Human Rights)
16 June 2022 - Counter-Terrorism (International)
16 June 2022 - Chemical Weapons
14 June 2022 - ISIL (Da'esh) and Al-Qaida
Financial Sanctions Notices - May 2022
Financial Sanctions Notices - April 2022
14 April 2022 - ISIL (Da'esh) and Al-Qaida
11 April 2022 - Bosnia and Herzegovina
04 April 2022 - ISIL (Da'esh) and Al-Qaida
Financial Sanctions Notices - March 2022
15 March 2022 - Counter Terrorism (International)
11 March 2022 - Iran (Nuclear)
08 March 2022 - Iran (Nuclear)
04 March 2022 - Iran (Nuclear)
04 March 2022 - Democratic People's Republic of Korea
04 March 2022 - ISIL (Da'esh) & Al-Qaeda Organisations
03 March 2022 - Democratic Republic of Congo
03 March 2022 - Democratic People's Republic of Korea
Financial Sanctions Notices - February 2022