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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Senior Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

Cayman Islands Financial Reporting Authority reminds relevant institutions of obligations under the financial sanctions regime

The Cayman Islands Financial Reporting Authority (CAYFIN) has issued a public notice (the Notice) to all relevant institutions, businesses and professionals of their obligations under the financial sanctions regimes in the Cayman Islands. A copy of the Notice can be found here.

The UK Government passes Overseas Territories Orders-in-Council implementing various United Nations and European Union sanctions and extending such sanctions to its British Overseas Territories (including the Cayman Islands). These Orders-in-Council have the force of law in the Cayman Islands and a breach of them can result in a criminal offence where fines or other criminal convictions can be imposed. The Cayman Islands can also impose its own domestic financial sanctions in certain circumstances.

The Notice highlights the prohibitions relating to asset freezes, the reporting obligations on relevant institutions, businesses or professionals, how to report to the competent authority (ie the Governor using the office of CAYFIN) and the applicable offences and penalties.

The Cayman Islands courts have also dealt with the sanctions regime in the case of Palladyne International Asset Management B.V. v. Upper brook (A) Ltd and Others (February 2019). A copy of our note in the case can be found here.