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 The FRA’s existence and independence were further enshrined in the PCL, which repealed and replaced the PCCL and came into force on 30th September 2008.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

3 January 2018 - North Korea

9 January 2018 - North Korea

11 January 2018 - Guinea-Bissau

15 January 2018 - North Korea

15 January 2018 - ISIL (Da'esh) and Al-Qaida Organisations

23 January 2018 - North Korea

26 January 2018 - Libya

30 January 2018 - Tunisia

 

Financial Santions Notices - February 2018

2 February 2018 - Congo

5 February 2018 - Libya 

5 February 2018 - South Sudan

12 February 2018 - Congo

12 February 2018 - Libya

16 February 2018 - Zimbabwe

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 - North Korea

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

9 March 2018 - Somalia

15 March 2018 - Ukraine (Sovereignty and Territorial Integrity)

22 March 2018 - Egypt

28 March 2018 - Sudan

 

Financial Santions Notices - April 2018

3 April 2018 - ISIL (Da'esh) and Al-Qaida Organisations

5 April 2018 - North Korea 

6 April 2018 - ISIL (Da'esh) and Al-Qaida Organisations

10 April 2018 - North Korea

16 April 2018 - Congo

20 April 2018 - North Korea

 

Financial Santions Notices - May 2018

8 May 2018 - Yemen

9 May 2018 - Central African Republic

14 May 2018 - Ukraine (Sovereignty and Territorial Integrity)

15 May 2018 - Libya

21 May 2018 - ISIL (Da'esh) and Al-Qaida Organisations

 

Financial Santions Notices - June 2018

4 June 2018 - North Korea

5 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations

7 June 2018 - Iran (Nuclear Proliferation)

8 June 2018 - Libya

12 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations

15 June 2018 - Libya

15 June 2018 - Ukraine

19 June 2018 - Iraq

19 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations

22 June 2018 - ISIL (Da'esh) and Al-Qaida Organisations

26 June 2018 - Burma

26 June 2018 - Venezuela 

 

Financial Santions Notices - July 2018

4 July 2018 - Syria

13 July 2018 - Iraq

16 July 2018 - ISIL (Da'esh) and Al-Qaida Organisations

18 July 2018 - South Sudan

18 July 2018 - North Korea

23 July 2018 - Iraq

24 July 2018 - ISIL (Da'esh) and Al Qaida Organisations

27 July 2018 - Syria

31 July 2018 - Iraq

31 July 2018 - North Korea

31 July 2018 - Ukraine

 

Financial Santions Notices - August 2018

1 August 2018 - Libya

10 August 2018 - ISL (Da'esh) and Al-Qaida Organisations

13 August 2018 - South Sudan

13 August 2018 - Burma

14 August 2018 - Iraq

15 August 2018 - ISIL (Da'esh) and Al-Qaida Organisations

16 August 2018 - Ukraine