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 The FRA’s existence and independence were further enshrined in the PCL, which repealed and replaced the PCCL and came into force on 30th September 2008.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:

 

 

 

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

 

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

 

License Application Form

 

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 - May 2021

17 May 2021 - Myanmar

13 May 2021 - Libya 

Financial Sanctions Notices - April 2021 

30 April 2021 - Libya

29 April 2021 - Myanmar

29 April 2021 - Global Anti-Corruption

16 April 2021 - Iraq

7 April 2021 - ISIL (Da'esh) & Al-Qaeda

6 April 2021 - Yemen

6 April 2021 - Central African Republic

1 April 2021 - ISIL (Da'esh) & Al-Qaeda Organisations

1 April 2021 - Global Human Rights 

 

Financial Sanctions Notices - March 2021

25 March 2021 - Global Human Rights

25 March 2021 - Syria

25 March 2021 - Iran (Nuclear)

25 March 2021 - Venezuela

24 March 2021 - ISIL (Da'esh) and Al-Qaeda Organisations

22 March 2021 - Global Human Rights 

15 March 2021 - Iran (Nuclear)

15 March 2021 - Syria 

8 March 2021 - Sudan

2 March 2021 - Somalia

 

Financial Sanctions Notices - February 2021

 

26 February 2021 - Yemen

25 February 2021 - Burma

25 February 2021 - Central African Republic

22 February 2021 - ISIL (Da'esh) & Al-Qaeda Organisations

18 February 2021 - Burma

18 February 2021 - Belarus

18 February 2021 - Counter Terrorism (International)

18 February 2021 - Democratic Republic of the Congo

18 February 2021 - Global Human Rights

18 February 2021 - Guinea-Bissau

18 February 2021 - Iraq

18 February 2021 - Libya

18 February 2021 - Iran (Nuclear)

18 February 2021 - ISIL (Da'esh) & Al-Qaeda Organisations

18 February 2021 - Syria

01 February 2021 - Afghanistan

01 February 2021 - Central African Republic

01 February 2021 - Chemical Weapons

01 February 2021 - Iran (Nuclear Weapons)

01 February 2021 - Libya

01 February 2021 - Russia

01 February 2021 - Syria

01 February 2021 - Yemen

01 February 2021 - Zimbabwe  

 

Financial Sanctions Notices - January 2021 

 

 21 January 2021 - Counter Terrorism

21 January 2021 - Counter Terrorism (International)

21 January 2021 - Central African Republic

21 January 2021 - Democratic Republic of the Congo

21 January 2021 - Libya

21 January 2021 - South Sudan

21 January 2021 - North Korea

20 January 2021 - Democratic Republic of the Congo 

19 January 2021 - Syria

19 January 2021 - Russia

19 January 2021 - Libya

19 January 2021 - Democratic Republic of the Congo

19 January 2021 - North Korea

19 January 2021 - Chemical Weapons

19 January 2021 - Burma

19 January 2021 - Belarus

19 January 2021 - Iraq

8 January 2021 - Chemical Weapons

8 January 2021 - Russia

8 January 2021 - Syria

 

Financial Sanctions Notices - December 2020 

24 December 2020 - Iraq

18 December 2020 - Somalia

18 December 2020 - South Sudan

18 December 2020 - North Korea

18 December 2020 - Iran (nuclear Proliferation)

18 December 2020 - Democratic Republic of the Congo

18 December 2020 - Belarus

14 December 2020 - Democratic Republic of the Congo

10 December 2020 - Global Human Rights

9 December 2020 - Iraq

1 December 2020 - Sudan

 

Financial Sanctions Notices - November 2020

24 November 2020 - Cyber Attacks

24 November 2020 - Terrorism and Terrorist Financing

19 November 2020 - Mali

16 November 2020 - Iran (Nuclear Proliferation)

13 November 2020 - Venezuela

9 November 2020 - Turkey

6 November 2020 - Syria

6 November 2020 - Belarus

4 November 2020 - Terrorism and Terrorist Financing

2 November 2020 - Burundi 

 

 

Financial Sanctions Notices - October 2020

 

23 October 2020 - Cyber Attacks

20 October 2020 - Democratic Republic of the Congo

16 October 2020 - Syria

15 October 2020 - Libya

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

05 October 2020 - Belarus (Amendment)

02 October 2020 - ISIL (Da'esh) & Al-Qaeda Organisations 

02 October 2020 - Ukraine (Sovereignty and Territorial Integrity)

02 October 2020 - Libya

 

 

Financial Sanctions Notices - September 2020

 

29 September 2020 - Global Human Rights

21 September 2020 - Libya

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

11 August 2020 - Burma

10 August 2020 - Central African Republic

06 August 2020 - Central African Republic

05 August 2020 - Terrorism and Terrorist Financing

04 August 2020 - Venezuela

03 August 2020 - Terrorism and Terrorist Financing

03 August 2020 - North Korea

03 August 2020 - Libya

 

 

Financial Sanctions Notices - July 2020

 

31 July 2020 - ISIL (Da'esh) & Al-Qaida Organisations

31 July 2020 - Cyber-Attacks

28 July 2020 - Yemen

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

14 July 2020 - Libya

10 July 2020 - Democratic Republic of the Congo

10 July 2020 - Syria

10 July 2020 - Libya

10 July 2020 - North Korea

07 July 2020 - Terrorism and Terrorist Financing

 

 

Financial Sanctions Notices - June 2020

 

30 June 2020 - Venezuela

22 June 2020 - Iran (Nuclear Proliferation)

4 June 2020 - North Korea

4 June 2020 - Syria

1 June 2020 - Central African Republic

1 June 2020 - Syria

 

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

5 May 2020 - Nicaragua

 

Financial Sanctions Notices - April 2020 

30 April 2020 - Afghanistan

29 April 2020 - Central African Republic

27 April 2020 - Burma

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

23 March 2020 - Egypt

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

 

28 February 2020 - Turkey

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

19 February 2020 - Zimbabwe

17 February 2020 - Syria

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)

29 January 2020 - Tunisia

28 January 2020  - Ukraine (sovereignty and Territorial Integrity)

22 January 2020 - Terrorism and Terrorist Financing

20 January 2020 - Iraq

20 January 2020 - Terrorism and Terrorist Financing

17 January 2020 - Terrorism and Terrorist Financing

14 January 2020 - Terrorism and Terrorist Financing

08 January 2020 - Mali

 

Financial Sanctions Notices - December 2019 

20 December 2019 - Mali

19 December 2019 - Venezuela 

05 December 2019 - General Notice of Renewal of Final Designation - Terrorism and Terrorist Financing - 05 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) 

13 November 2019 - Venezuela

12 November 2019 - ISIL (Da'esh) and Al-Qaida Organisations (Removal)

07 November 2019 - IRAQ

 

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

 

27 September 2019 - Venezuela

23 September 2019 - Central African Republic

18 September 2019 - Ukraine (sovereignty and Territorial Integrity)

17 September 2019 - 

General Notice of Renewal of Final Designations (Terrorism / Terrorist Financing)

 

 

17 September 2019 - Ukraine (Sovereignty and Territorial Integrity)

 

 

11 September 2019 - Syria