Since the Russian invasion of Ukraine in February, more than 800 asset freeze designations of individuals and entities have been enforced in the Cayman Islands, officials said in a release about the creation of a task force to coordinate the new sanctions regime.
In compliance with their obligations under the Russia (Sanctions) (Overseas Territories) Order 2020, numerous financial service providers (FSPs) have submitted over 400 compliance reporting forms confirming that assets with an estimated value of US$7.3 billion have been frozen.
The government has created a joint task force to deal with policy amendments required to implement the Russia Sanctions here. The sanctions impact multiple public sector agencies, and this cross-government team is part of Cayman’s pro-active response, officials said. The goal is to provide a central point around policy and communication.
With the Cabinet Office as coordinator, facilitating and coordinating inter-agency cooperation it is being chaired by Financial Reporting Authority Director RJ Berry.
“The level of reporting to date is indicative that financial services providers are able to identify funds or economic resources owned or controlled, directly or indirectly, by designated persons and are freezing those assets or economic resources,” said Berry.
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