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 The FRA’s existence and independence were further enshrined in the PCL, which repealed and replaced the PCCL and came into force on 30th September 2008.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
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:
Industry Guidance - Targeted Financial Sanctions - December 2017
OFSI - Updated List of All Asset Freeze Targets
Financial Santions Notices - January 2018
11 January 2018 - Guinea-Bissau
15 January 2018 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - February 2018
22 February 2018 - ISIL (Da'esh) and Al-Qaida Organisations
26 February 2018 - ISIL (Da'esh) and Al-Qaida Organisations
26 February 2018 - North Korea
28 February 2018 - North Korea
Financial Santions Notices - March 2018
6 March 2018 - Central African Republic
6 March 2018 - Ukraine (Misappropriation and Human Rights)
7 March 2018 - ISIL (Da'esh) and Al-Qaida Organisations
8 March 2018 - Venezuela (Amendment)
8 March 2018 - Venezuela (Additions)
9 March 2018 - ISIL (Da'esh) and Al-Qaida Organisations
15 March 2018 - Ukraine (Sovereignty and Territorial Integrity)
Financial Santions Notices - April 2018
3 April 2018 - ISIL (Da'esh) and Al-Qaida Organisations
6 April 2018 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - May 2018
9 May 2018 - Central African Republic
14 May 2018 - Ukraine (Sovereignty and Territorial Integrity)
21 May 2018 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - June 2018
5 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations
7 June 2018 - Iran (Nuclear Proliferation)
12 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations
19 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations
22 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - July 2018
16 July 2018 - ISIL (Da'esh) and Al-Qaida Organisations
24 July 2018 - ISIL (Da'esh) and Al Qaida Organisations
Financial Santions Notices - August 2018
10 August 2018 - ISL (Da'esh) and Al-Qaida Organisations
15 August 2018 - ISIL (Da'esh) and Al-Qaida Organisations
24 August 2018 - ISIL (Da'esh) and Al-Qaida
28 August 2018 - ISIL (Da'esh) and Al-Qaida
Financial Santions Notices - September 2018
14 September 2018 - North Korea
Financial Santions Notices - October 2018
5 October 2018 - ISIL (Da'esh) and Al-Qaida Organisations
9 October 2018 - ISIL (Da'esh) and Al-Qaida Organisations
9 October 2018 - General Notice of Renewal of Final Designation
16 October 2018 - ISIL (Da'esh) and Al-Qaida Organisations
16 October 2018 - ISIL (Da'esh) and Al-Qaida Organisations
19 October 2018 - ISIL (Da'esh) and Al-Qaida Organisations
29 October 2018 - Republic of Guinea
Financial Santions Notices - November 2018
20 November 2018 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - December 2018
11 December 2018 - Ukraine (Sovereignty and Territorial Integrity)
12 December 2018 - South Sudan
13 December 2018 - Democratic Republic of the Congo
Financial Santions Notices - January 2019
23 January 2019 - Ukraine (Sovereignty and Territorial Integrity)
23 January - 2019 - North Korea
Financial Santions Notices - February 2019
15 February 2019 - ISIL (Da'esh) and Al-Qaida Organisations
18 February 2019 - ISIL (Da'esh) and Al-Qaida Organisations
20 February 2019 - Afghanistan
Financial Santions Notices - March 2019
1 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
5 March 2019 - Ukraine (Misappropriation and Human Rights)
6 March 2019 - Ukraine (Misappropriation and Human Rights)
6 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
15 March 2019 - Ukraine (Sovereignty and Territorial Integrity)
18 March 2019 - Ukraine (Sovereignty and Territorial Integrity)
20 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
20 March 2019 - Iran (Nuclear Proliferation)
25 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
28 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - April 2019
9 April 2019 - Iran (human Rights)
9 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
24 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
29 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - May 2019
2 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
7 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
14 May 2019 - Central African Republic
15 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
17 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Amendment)
17 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
29 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
