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CAYMAN COMMITTED TO UK SANCTIONS ON RUSSIA

Government 10 Mar, 2022 Follow News

CAYMAN COMMITTED TO UK SANCTIONS ON RUSSIA

The Cayman Islands government says it stands ready to carry out the sanctions as extended by the UK.against the Vladimir Putin regime in Russia, wealthy oligarchs and companies identified as his supporters as a response to the ongoing Russian attack on Ukraine.

Already assets and funds identified and targeted by the UK have been traced to this and other Overseas Territories (OTs) and subjected to the punitive measures implemented locally under the sanctions.

Hon. Premier Wayne Panton assured: “Our Government joins the UK and its Overseas Territories in support of the people of Ukraine; it is our responsibility to enforce the Russia sanctions. We continue to hope and pray that this conflict is quickly and peacefully resolved to avoid further loss of innocent lives in Ukraine.”

HE Governor Martyn Roper shared: “The Government and people of the Cayman Islands are shocked by Putin’s invasion of Ukraine and are watching with horror as the conflict unfolds. The Cayman Islands has fully imposed all of the Russia sanctions and will continue to do so as the list of sanctioned individuals and entities grows. The Cayman Islands is fully committed to good governance, democracy and support of peace around the world”.

To date 19 named individuals and 18 named companies and organisations have been sanctioned restricting their access to funds and other resources and assets registered in the jurisdiction.

In a press release issued on Tuesday night, the PACT government said: “As a global partner and United Kingdom Overseas Territory (UKOT), the Cayman Islands affirms its commitment to helping maintain peace and security around the world.”

It also reminded that from the onset of the most recent Russian military action against Ukraine, both the people and Government of the Cayman Islands have expressed grave concern for the people of Ukraine and a desire for a peaceful resolution.

Giving a background to the sanctions imposed by Cayman on Russia on instruction from the UK, the government said that on 22 February 2022, the Foreign, Commonwealth & Development Office (FCDO), which is responsible for the UK’s international sanctions policy, updated the UK Sanctions list on GOV.UK. The Russia (Sanction) (EU Exit) Regulations made pursuant to the Sanctions and Anti-Money Laundering Act 2018 (UK), also known as SAMLA, was extended to the Cayman Islands through an Order in Council.

Thereafter, it explained, all designations made under the United Kingdom sanctions regulations and extended to the Cayman Islands, have immediate effect in the Cayman Islands once the relevant Order in Council comes into force.

It’s not the first time that Cayman has been required to enforce UK sanctions against Russia.

The government points to the previous Russia (Sanctions) (Overseas Territories) Order 2020 and The Russia (Sanctions) (EU Exit) Regulations 2019 (the Regulations), have been in force in the Cayman Islands since December 31, 2020.

It said that together these regulations provide for, amongst other things, the freezing of funds and economic resources including assets such as aircraft, real estate and yachts of designated persons, entities or bodies involved in destabilising Ukraine, undermining or threatening its territorial integrity, sovereignty or independence, or obtaining a benefit from or supporting the Government of Russia.

According to the CIG statement, all Russia Sanction notices issued by the British government that are applicable to the Overseas Territories have been published by the Financial Reporting Authority (FRA), and the Cayman Islands Monetary Authority (CIMA). These notices have also been disseminated to all relevant industry stakeholders with specific obligations for compliance. FRA and CIMA, along with other relevant authorities, are responsible for disseminating the relevant notices. These sanction measures apply in the Cayman Islands in the same way they do in the United Kingdom.

Relevant Cayman Islands industry stakeholders are required by law to report to the FRA where there are activities that are impacted by the Russia sanctions. The PACT administration said it has been assured by stakeholders that they have been actively monitoring the ongoing impact of sanction activities.

Cayman Islands Government entities such as Maritime Authority of the Cayman Islands (MACI), General Registry, Civil Aviation Authority (CAA), Lands & Survey Department and CIMA have also been actively monitoring their respective books of business for any possible connections with persons/entities that are subject to the Russia sanctions.

The government said it is continuing to monitor the global situation and will issue updates primarily via the FRA and CIMA websites as advised by the UK government.

“The Cayman Islands Government stands ready to carry out the sanctions as extended by the UK.,” the PACT administration affirmed.

This week the Russian government published a list of 43 countries it labelled as “unfriendly” due to their sanctions imposed for its war against Ukraine.

Strangely, the list did not include the Cayman Islands, Bermuda and the Turks and Caicos Islands although the UK as the administering authority and other OTs - which are all required to enforce the sanctions - are on it.


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