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 The FRA’s existence and independence were further enshrined in the PCL, which repealed and replaced the PCCL and came into force on 30th September 2008.
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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:
GUIDANCE - IDENTIFYING PROLIFERATION FINANCING
OFSI - GUIDANCE MARITIME SECTOR - Published 27 July 2020
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
INDUSTRY GUIDANCE - FINANCIAL SANCTIONS GUIDANCE - February 2020 (please note that this document is being updated to reflect the changes to sanctions implementation in Cayman Islands following BREXIT)
Quick Guide to Financial Sanctions in the Cayman Islands
Compliance Reporting Form (CRF) - (New replacing the TF PF Asset Freeze Form)
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.
Financial Sanctions Notices - January 2021
8 January 2021 - Chemical Weapons
Financial Sanctions Notices - December 2020
18 December 2020 - South Sudan
18 December 2020 - North Korea
18 December 2020 - Iran (nuclear Proliferation)
18 December 2020 - Democratic Republic of the Congo
14 December 2020 - Democratic Republic of the Congo
10 December 2020 - Global Human Rights
Financial Sanctions Notices - November 2020
24 November 2020 - Cyber Attacks
24 November 2020 - Terrorism and Terrorist Financing
16 November 2020 - Iran (Nuclear Proliferation)
4 November 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - October 2020
23 October 2020 - Cyber Attacks
20 October 2020 - Democratic Republic of the Congo
15 October 2020 - Chemical Weapons
14 October 2020 - Chemical Weapons
14 October 2020 - ISIL (Da'esh) & Al-Qaeda Organisations
09 October 2020 - ISIL (Da'esh) & Al-Qaeda Organisations
09 October 2020 - ISIL (Da'esh) & Al-Qaeda Organisations
09 October 2020 - Global Human Rights
05 October 2020 - Belarus (Amendment)
02 October 2020 - ISIL (Da'esh) & Al-Qaeda Organisations
02 October 2020 - Ukraine (Sovereignty and Territorial Integrity)
Financial Sanctions Notices - September 2020
29 September 2020 - Global Human Rights
18 September 2020 - ISIL (Da'esh) & Al-Qaida Organisations
14 September 2020 - Ukraine (Sovereignty and Territorial Integrity)
9 September 2020 - Guinea - Bissau
9 September 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - August 2020
11 August 2020 - Guinea - Bissau
10 August 2020 - Central African Republic
06 August 2020 - Central African Republic
05 August 2020 - Terrorism and Terrorist Financing
03 August 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - July 2020
31 July 2020 - ISIL (Da'esh) & Al-Qaida Organisations
23 July 2020 - ISIL (Da'esh) and Al-Qaida Organisations
22 July 2020 - Global Human Rights
17 July 2020 - ISIL (Da'esh) and Al-Qaida Organisations
10 July 2020 - Democratic Republic of the Congo
07 July 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - June 2020
22 June 2020 - Iran (Nuclear Proliferation)
1 June 2020 - Central African Republic
Financial Sanctions Notices - May 2020
27 May 2020 - ISIL (Da'esh) and Al-Qaida Organisations
22 May 2020 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Sanctions Notices - April 2020
29 April 2020 - Central African Republic
22 April 2020 - Central African Republic
21 April 2020 - ISIL (Da'esh) and Al-Qaida Organisations
17 April 2020 - Iran (Human Rights)
9 April 2020 - Iran (Human Rights)
6 April 2020 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Sanctions Notices - March 2020
24 March 2020 - Terrorism and Terrorist Financing
20 March 2020 - Democratic Republic of The Congo
18 March 2020 - Ukraine (Sovereignty and Territorial Integrity)
11 March 2020 - ISIL (Da'esh) and Al-Qaida Organisations
06 March 2020 - Ukraine (Misappropriation and Human Rights)
06 March 2020 - Libya
05 March 2020 - ISIL (Da'esh) and Al-Qaida Organisations
04 March 2020 - ISIL (Da'esh) and Al-Qaida Organisations
02 March 2020 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Sanctions Notices - February 2020
27 February 2020 - ISIL (Da'esh) and Al-Qaida Organisations
24 February 2020 - ISIL (Da'esh) and Al-Qaida Organisations
20 February 2020 - ISIL (Da'esh) and Al-Qaida Organisations
19 February 2020 - ISIL (Da'esh) and Al-Qaida Organisations
13 February 2020 - Democratic Republic of the Congo
12 February 2020 - Terrorism and Terrorist Financing
07 February 2020 - Democratic Republic of the Congo
05 February 2020 - ISIL (Da'esh) and Al-Qaida Organisations
03 February 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - January 2020
29 January 2020 - Ukraine (Sovereignty and Territorial Integrity - correction)
28 January 2020 - Ukraine (sovereignty and Territorial Integrity)
22 January 2020 - Terrorism and Terrorist Financing
20 January 2020 - Terrorism and Terrorist Financing
17 January 2020 - Terrorism and Terrorist Financing
14 January 2020 - Terrorism and Terrorist Financing
Financial Sanctions Notices - December 2019
Financial Sanctions Notices - November 2019
26 November 2019 - ISIL (Da'esh) and Al-Qaida Organisations
21 November 2019 - Terrorism and Terrorist Financing
18 November 2019 - Iran (Nuclear Proliferation)
12 November 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
Financial Sanctions Notices - October 2019
18 October 2019 - ISIL (Da'esh) and Al-Qaida Organisations
16 October 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
08 October 2019 - Terrorism and Terrorist Financing
Financial Sanctions Notices - September 2019
23 September 2019 - Central African Republic
18 September 2019 - Ukraine (sovereignty and Territorial Integrity)
General Notice of Renewal of Final Designations (Terrorism / Terrorist Financing)
17 September 2019 - Ukraine (Sovereignty and Territorial Integrity)
Financial Sanctions Notices - August 2019
28 August 2019 - ISIL (Da'esh) and AL-Qaida
21 August 2019 - ISIL (Da'esh) and Al-Qaida
15 August 2019 - ISIL (Da'esh) and Al-Qaida
Financial Sanctions Notices - July 2019
18 July 2019 - North Korea (Amendment)
18 July 2019 - South Sudan (Amendment)
02 July 2019 - Iran (Nuclear Proliferation) (Correction)
Financial Sanctions Notices - May 2019
29 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
17 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)
17 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Amendment)
15 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
14 May 2019 - Central African Republic
7 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
2 May 2019 - ISIL (Da'esh) and Al-Qaida Organisations
Financial Santions Notices - April 2019
29 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
24 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
9 April 2019 - ISIL (Da'esh) and Al-Qaida Organisations
9 April 2019 - Iran (human Rights)
Financial Sanctions Notices - March 2019
28 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
25 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
20 March 2019 - Iran (Nuclear Proliferation)
20 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations
18 March 2019 - Ukraine (Sovereignty and Territorial Integrity)
15 March 2019 - Ukraine (Sovereignty and Territorial Integrity)
6 March 2019 - ISIL (Da'esh) and Al-Qaida Organisations