Update to Cayman Financial Sanctions Regime

CIMA has informed FSPs of an update to the list of the current sanctions regime in the Cayman Islands on the FRA’s website as of 26 April 2023.
The sanctions in the Cayman Islands are essentially the same as those imposed in the UK, and it is the UK’s government policy to ensure that the OTs are enabled to implement the sanctions adopted by the UN and sanctions regimes established in the UK. The Sanctions and Anti-Money Laundering Act 2018 (SAMLA) provides the legal framework for the UK to impose, update, and lift sanctions autonomously. Regulations made under SAMLA can be found HERE.
The aforementioned list represents the current sanctions regimes in force in the Cayman Islands. There are currently 34 sanctions regimes in force, which include financial sanctions measures, and some of these regimes include other sanction measures such as trade and travel bans. There are 2 sanctions regimes with no financial sanctions measures, which impose trade restrictions on military goods and technology in relation to Lebanon and trade restrictions in the Syrian cultural property. FSPs must read the Orders in conjunction with the sanctions regulations and keep themselves informed and up-to-date with all applicable sanctions and changes thereto.
Once extended to the Cayman Islands, these Orders have the force of law in the jurisdiction, and breaches may constitute an offence for which fines and/or criminal convictions may result. All designations made under UN and UK sanctions measures have immediate effect in the Cayman Islands once the Orders come into force. It is important to note that neither CIMA, nor the FRA do guarantee the accuracy, completeness, and up-to-date nature of the list of sanctions regimes. Therefore, FSPs, DNFBPs, VASPs must keep themselves informed and up-to-date with all applicable sanctions and changes thereto. The official sanctions orders applicable in the Cayman Islands are published in the Cayman Islands Gazette.