91 F Clouds
Thursday, May 30 2024, 01:29 PM
Close Ad
Back To Listing

Billions of Russian assets frozen

Local News 13 Jul, 2022 Follow News

Billions of Russian assets frozen

Cayman’s task force charged with coordinating the application of sanctions against Russia within the Cayman Islands reports that Cayman entities have frozen Russian assets valued at approximately USD8.4 billion and EUR297.8 million since the sanctions began.

Noting that this represented more than one billion US dollars more than initially reported in April, task force chair and Director of the Financial Reporting Authority, R.J. Berry, commented: “Financial services providers continue to identify and report funds or economic resources owned or controlled, directly or indirectly, by designated persons, and are freezing those assets or economic resources.”

In addition, the FRA has received 144 suspicious activity reports related to Russia Sanctions, which have been cross-referenced with 801 Compliance Reporting Forms related to Russian Sanctions received since 1 March 2022.

The task force, which operates across various government agencies, has spent the three months since its formation working steadily to ensure the Cayman Islands gains an understanding of its exposure to individuals and entities that have been designated and are subject to sanctions under the Russia Sanctions Regime. It has also worked to ensure that relevant agencies are effectively implementing the sanctions.

As part of this remit, the task force has been actively monitoring changes made by the UK government to its Russia Sanctions Regime.

Since February 2022, there have been ten amendments covering various measures to the UK’s Russia (Sanctions) (EU Exit) Regulations 2019. Of these, seven amendments have since been extended to the Cayman Islands; amendment one was extended automatically with amendments two to seven reflected in the Russia (Sanctions) (Overseas Territories) (Amendment) Order 2022 that came into effect on 14 April 2022.

The UK government has continued to update the Russia sanctions list frequently, with over 1,600 designations since the invasion of Ukraine.

The General Registry which registers local and overseas companies, and the Lands and Survey Department which registers land transfers within the Cayman Islands, also continue to check their databases against the latest lists of sanctioned individuals and entities.

Outreach sessions have taken place to ensure industry is kept abreast of sanctions and their implications for business in Cayman.

Emphasising the importance of the Cayman Islands being seen to be implementing the sanctions in real time, Governor Martyn Roper said the Cayman Islands’ effective implementation of sanctions bolstered its strong reputation internationally as a highly responsible, efficient and professional financial services centre.

“My Office will continue to support the Cayman Islands with this vital work,” he said.

Members of the Russia Sanctions task force are: the Financial Reporting Authority (Chair), Governor’s Office, Portfolio of Legal Affairs, Ministry of Financial Services and Commerce, Cabinet Office, Maritime Authority of the Cayman Islands, Cayman Islands Monetary Authority, Cayman Islands Bureau of Financial Investigations, Cayman Islands Customs and Border Control, General Registry, Civil Aviation Authority of the Cayman Islands and the Lands and Survey Department.

Comments (0)

We appreciate your feedback. You can comment here with your pseudonym or real name. You can leave a comment with or without entering an email address. All comments will be reviewed before they are published.

* Denotes Required Inputs