List of countries where sanctions have been imposed by Cayman Islands
SANCTIONS
Financial sanctions are imposed to combat terrorist financing, money laundering and development of weapons of mass destruction. The United Nations (“UN”) and European Union (“EU”) are key international bodies that adopt international sanctions measures against countries and/or persons designated to be in violation of international laws. The process involves, Orders first being passed by the EU and UN and then implemented in the UK. If extended to the British Overseas Territories, such Orders are then gazetted in the Cayman Islands. Breaches of these Orders may constitute an offence for which fines and/or criminal convictions may result as such sanctions will apply to everyone in the Cayman Islands.
To help Cayman financial service providers comply with sanctions, this document contains a list of sanctions currently in force (in whole or part) in the Cayman Islands. The sanctions are listed by country with a brief summary of the relevant UK, UN, and EU Orders as well as some useful links associated to these Orders. This list should not serve as a substitute from referring to the relevant legislation.
The Cayman Islands Monetary Authority does not guarantee this list to be accurate, complete and up to date, therefore, it should not be relied upon as the sole source of information. It is the responsibility of the financial service provider to keep itself informed and up to date with all applicable sanctions and changes thereto.
List of Countries
Afghanistan Federal Republic of Yugoslavia & Serbia Republic of Guinea
Al-Qaida Iran Republic of Guinea-Bissau
Belarus Iraq Somalia
Burma Ivory Coast Sudan
Central African Republic Lebanon Syria
Democratic Republic of the Congo Liberia Tunisia
Egypt Libya Ukraine
Eritrea North Korea Zimbabwe
AFGHANISTAN
Summary:
The Afghanistan (United Nations Measures) (Overseas Territories) Order 2012
This Order gives effect to UN Resolution 1988 (2011) which maintains in force the sanctions first imposed by UN Resolution 1267 (1999) against the Taliban. Through UN Resolution 1988 (2011), the Security Council split the sanctions regime into two groups, namely the Al-Qaida regime and the Afghanistan regime.
This Order continues the asset freeze in respect of the Taliban and persons associated with them that constitute a threat to the peace, stability and security of Afghanistan as well as to prohibit funds being made available to such persons. It also prohibits the supply of military goods and technical assistance related to military activities to designated persons.
Cayman Gazette: Supplement No. 6 published with Gazette No. 11 of 2014
Sanctions: Freezing funds
Supply of restricted goods
Exportation of restricted goods
Provision of technical assistance related to military activities
AL-QAIDA
Summary:
The Al-Qaida (United Nations Measures) (Overseas Territories) Order 2012
This Order gives effect to UN Resolution 1989 (2011) which maintains in force the sanctions first imposed by UN Resolution 1267 (1999) against the Taliban.
The effect of the Order is to continue the asset freeze in respect of targeted individuals, groups, undertakings and entities associated with Al-Qaida as well as to prohibit funds being made available to such persons. It also prohibits the supply of military goods and technical assistance related to military activities to designated persons.
Cayman Gazette: Supplement Nos. 5 and 14 published with Gazette No. 11 of 2014
Sanctions: Freezing funds
Supply of restricted goods
Exportation of restricted goods
Provision of technical assistance related to military activities
BELARUS
Summary:
The Belarus (Restrictive Measures) (Overseas Territories) Order 2011
This Order imposes restrictive measures on individuals responsible for the failure to start independent investigations into the prosecution of certain crimes for the fraudulent elections and referendum in 2004. It also continues restrictive measures for the violations of international electoral standards in the presidential elections in 2006 and 2010, the crackdown on civil society and democratic opposition together with those persons associated with them.
Cayman Gazette: Supplement No. 9 published with Gazette No. 4 of 2012:
Sanctions: Freezing funds
Supply of restricted goods
Exportation of restricted goods
BURMA
Summary:
The Burma (Sanctions) (Overseas Territories) Order 2013
This Order gives effect to sanctions in respect of Burma applied by the European Union in Council Decision 2013/184/CFSP. It imposes restrictive measures including embargoes on the supply of arms and related materiel and equipment which might be used for internal repression, together with the prohibition on the provision of technical assistance and military assistance related to such goods.
REVOKED & REPLACED
The Burma (Restrictive Measures) (Overseas Territories) Order 2009 – REVOKED & REPLACED
Cayman Gazette: Supplement No. 28 published with Gazette No. 11 of 2014
Sanctions: Supply of or assistance relating to restricted goods (assistance includes financial assistance) Provision of technical and military assistance
CENTRAL AFRICAN REPUBLIC
Summary:
The Central African Republic (Sanctions) (Overseas Territories) Order 2014
This order imposes sanctions that include an arms embargo and a prohibition on the supply of related assistance to the Central African Republic, including the supply of armed mercenary personnel, and an asset freeze against persons designated by the United Nations Security Council.
Cayman Gazette: Supplement No. 1 published with Gazette No. 12 of 2014
Sanctions: Arms embargo
Asset freezing
DEMOCRATIC REPUBLIC OF THE CONGO
Summary:
The Democratic Republic of the Congo (United Nations Sanctions) (Overseas Territories) Order 2005
This Order gives effect in part to UN Resolution 1596 (2005) which amongst other things imposes financial sanctions against persons designated as acting in violation of the arms embargo by the Sanctions Committee established by UN Resolution
Cayman Gazette: Supplement No. 11 published with Gazette No. 11 of 2014
Sanctions: Freezing funds
EGYPT
Summary:
The Egypt (Restrictive Measures) (Overseas Territories) Order 2011
This Order places restrictive measures on certain persons, entities and bodies responsible for the misappropriation of Egyptian State funds together with persons associated with them who are depriving the Egyptian people of the benefits of their economy as well as undermining the development of democracy in Egypt.
Cayman Gazette: Supplement No. 3 published with Extraordinary Gazette No. 61 of 2011
Sanctions: Freezing funds and economic resources
ERITREA
Summary:
The Eritrea (Sanctions) (Overseas Territories) Order 2012
The main provisions include prohibition in respect of the direct or indirect sale, supply or transfer of arms and related material; the supply of technical assistance, training, financial and other specified forms of assistance; prohibition on obtaining arms and related material as well as freezing funds and economic resources.
Cayman Gazette: Supplement No. 12 published with Gazette No. 11 of 2014
Sanctions: Freezing funds
Providing, obtaining, or carrying restricted goods
Providing or obtaining assistance related to restricted goods and military activities
FEDERAL REPUBLIC OF YUGOSLAVIA & SERBIA
Summary:
The Federal Republic of Yugoslavia (United Nations Sanctions) (Dependent Territories) Order 1998
This Order imposes restrictions on the exportation and supply of arms and related material, as well as petroleum and petroleum products to the Federal Republic of Yugoslavia. It also restricts certain related activities including the carriage of prohibited goods in ships, aircraft and vehicles.
The Federal Republic of Yugoslavia (United Nations Sanctions) (Dependent Territories) Order 1998 – REVOKED
Sanctions: Supply of certain goods Exportation of certain goods Carriage of prohibited goods Freezing funds
Cayman Gazette: Supplement No. 7 published with Gazette No. 11 of 2014
IRAN
Summary:
The Iran (Restrictive Measures) (Overseas Territories) Order 2012
The main provisions of this Order include the prohibition on the supply of arms to, or purchase of arms from, Iran; prohibition on the sale or supply of goods and technology which could contribute to Iran’s proliferation activities; prohibition on providing assistance or financing in relation to prohibited goods; prohibition on the importation or transportation of oil and petrochemical products from Iran; prohibition on financing any Iranian person or entity engaged in certain nuclear-related activities; prohibition on supplying equipment to any Iranian person or for use in Iran for the exploration and production of oil or gas, or for use in the petrochemical industry in Iran; prohibition on the sale or purchase of gold, precious metals or diamonds to or from Iran; prohibition on the supply of newly printed banknotes and coins to Iran; restrictions on financial transactions to or from Iranian persons or entities; and prohibition on the purchase of Iranian bonds. Further amendments were made to introduce new prohibitions on the sale, supply, transfer and export of certain key technology and software, natural gas, graphite and raw or semi- finished materials. The provision of brokering services, financing or financial assistance in respect of these goods is also prohibited.
Sanctions: Freezing funds and economic resources
Supply of restricted goods
Exportation of restricted goods Procurement of restricted goods Carriage of prohibited goods Provision of assistance related to the supply, sale, transfer, manufacture, maintenance or use of restricted goods
Cayman Gazette: Supplement No. 26 published with Gazette No. 11 of 2014 Supplement No. 24 published with Gazette No. 11 of 2014
Supplement No. 4 published with Gazette No. 11 of 2014 Supplement No. 1 published with Gazette No. 11 of 2014
Supplement No. 10 published with Gazette No. 4 of 2012
IRAQ
Summary:
The Iraq (United Nations Sanctions) (Overseas Territories) Order 2000
This Order prohibits the making of funds available to the government of the Republic of Iraq or persons resident in Iraq as well as the remission or removal of funds to Iraq from the United Kingdom. Provision is also made for the Governor to require certain suspected Iraqi funds to be frozen.
Sanctions: Freezing funds
Cayman Gazette: Supplement No. 9 published with Gazette No. 11 of 2014
IVORY COAST
Summary:
The Côte d’Ivoire (Sanctions) (Overseas Territories) Order 2012
This Order gives effect to effect to sanctions in respect of Côte d’Ivoire adopted by the UN Council in resolutions 1572 (2004), 1643(2005), 1975 (2011) and 2045(2012). The Order reflects implementation of the sanctions by the European Union in Council Decision (EU) 2010/656/CFSP, as amended. The Order, amongst other things, provides for an asset freeze on persons who constitute a threat to the peace and national reconciliation in Côte d’Ivoire and other persons determined to be responsible for or who publicly incite hatred and violence, serious violations of human rights and international humanitarian law in Côte d’Ivoire as designated by the UN Security Council Committee established pursuant to resolution 1572 (2004) and prohibits making funds and economic resources available to such designated persons.
Sanctions: Freezing funds
Supply of restricted goods
Supply of funds and economic resources
Cayman Gazette: Supplement No. 17 published with Gazette No. 11 of 2014
LEBANON
Summary:
The Lebanon and Syria (United Nations Sanctions) (Overseas Territories) Order 2006
This Order gives effect to UN Resolution 1636 (2005) where the Security Council decided that all states are to take certain measures against individuals suspected of an involvement in the terrorist bombing in Beirut, Lebanon on 14th February 2005.
Order: Council Regulation (EC) No. 305/2006 (OJ L 51, 22.2.2006, p. 1)
Sanctions: Freezing funds and economic resources
Cayman Gazette: Supplement No. 1 published with Gazette No. 19 of 2007:
LIBERIA
Summary:
The Liberia (Restrictive Measures) (Overseas Territories) Order 2004
This Order prohibits the delivery or supply of arms and related material; the provision of assistance, advice and training related to the provision, manufacture, and maintenance and bans the import of diamonds. The Order was amended to impose an asset freeze on former President Charles Taylor, his immediate family members, senior officials of the former Taylor regime and other close allies and associates. The Order was later amended to give effect to the modified arms embargo measures provided for in UN resolution 1903 (2009) and Council Decision 2010/129/CFSP. Amendments were also made to reduce the scope of the arms embargo already in place by restricting the prohibitions on the supply or export of arms and related materiel and the provision of assistance, advice or training related to military activities to non-governmental persons in Liberia. The definitions of “financing and financial assistance” and “technical assistance” were clarified and the definition of restricted goods updated.
Sanctions: Supply of restricted goods
Exportation of restricted goods
Provision of assistance, advice or training related to restricted goods
Importation of rough diamonds
Importation of round logs and timber products
Freezing funds
Cayman Gazette: Supplement No. 10 published with Gazette No. 11 of 2014
LIBYA
Summary:
The Libya (Restrictive Measures) (Overseas Territories) Order 2011
This Order prohibits the supply or export of arms and related material along with equipment that may be used for internal repression to Libya. It also prohibits making funds, financial assets or economic resources available to designated persons and entities. Amendments were made to this Order whereby States no longer require the approval of the UN Sanctions Committee before selling, supplying or transferring arms or assistance to Libya where such activity is solely for the benefit of the Libyan Government for security or disarmament purposes. Neither do States have to notify the UN Sanctions Committee when selling, supplying or transferring to Libya non-lethal military equipment or related technical assistance when it is intended solely for humanitarian or protective use. There is also a new exemption introduced in respect of the frozen accounts of EU listed persons who may now benefit from, or make, payments in accordance with judicial or administrative decisions or liens where such decisions or liens became enforceable after the persons were listed.
Sanctions: Freezing funds and economic resources
Supply of restricted goods or armed mercenary personnel Expectation of restricted goods or armed mercenary personnel Procurement of restricted goods or armed mercenary personnel
Provision of assistance, advice, or training related to the supply, sale, transfer, manufacture or use of restricted goods
Cayman Gazette: Supplement No. 35 published with Gazette No. 11 of 2014:
NORTH KOREA (D EMOCRA TIC PEO P LE’S REP UBLI C OF KOREA )
Summary:
The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012
This Order revoked and replaced the North Korea (United Nations Measures) (Overseas Territories) Order 2006 and gave effect to UN Security Council resolutions 1718 (2006) and 1874 (2009). Amendments made to the 2012 Order gave effect to the EU Council Decision 2013/183/CFSP and Council Regulation (EU) 296/2013 and prohibits banks and financial institutions established in North Korea from opening branches, acquiring joint ventures, establishing correspondent banking relationships, or maintaining correspondent banking relationships in certain circumstances. The amendments also implemented prohibitions introduced by the European Union in Council Decision 2013/153/CFSP on the sale or purchase of gold, precious metals or diamonds; the sale or purchase of North Korean bonds, and the movement of North Korean bank notes.
Sanctions: Freezing funds and economic resources
Supply of restricted goods and prohibited luxury goods
Exportation of restricted goods and prohibited luxury goods
Procurement of restricted goods
Provision of assistance, advice or training related to military activities and provision manufacture, maintenance or use of restricted goods
Cayman Gazette: Supplement No. 33 published with Gazette No. 11 of 2014:
REPUBLIC OF GUINEA
Summary:
The Guinea (Sanctions) (Overseas Territories) Order 2013
The main provisions of the sanctions include prohibition in respect of the sale or supply of arms, related material and equipment; the supply of technical assistance, training, financial and other specified forms of assistance as well as freezing funds and economic resources.
Sanctions: Freezing funds and economic resources
Providing or carrying restricted goods
Providing assistance relating to restricted goods and military activities
Cayman Gazette: Supplement No. 21 published with Gazette No. 11 of 2014:
REPUBLIC OF GUINEA-BISSAU
Summary:
The Guinea-Bissau (Sanctions) (Overseas Territories) Order 2012
This Order includes an asset freeze against persons engaged in or providing support for acts which threaten peace, security or stability in Guinea-Bissau and a prohibition on making funds and economic resources available to such persons.
Sanctions: Freezing funds.
Cayman Gazette: Supplement No. 18 published with Gazette No. 11 of 2014
SOMALIA
Summary:
The Somalia (Sanctions) (Overseas Territories) Order 2012
The main provisions of the sanctions in this Order include prohibition in respect of the direct or indirect sale, supply or transfer of arms and related material; prohibition on the supply of technical assistance, training, financial and other specified forms of assistance related to military activities; freezing of funds and economic resources; prohibition on making funds and economic resources available to designated persons or entities; and prohibition in respect of the sale, supply or transfer of weapons and military equipment as well as the supply of technical assistance or training, financial or other assistance to such designated persons or entities.
Sanctions: Freezing funds
Providing, importing, or carrying restricted goods or charcoal
Providing assistance related to restricted goods or charcoal
Providing assistance related to military activities
Cayman Gazette: Supplement No. 25 published with Gazette No. 11 of 2014:
SUDAN
Summary:
The Sudan (United Nations Measures) (Overseas Territories) Order 2005
This order gives effect in part to Resolution 1591 (2005) adopted by the Security Council of the United Nations on 29th March 2005. Amongst other things, this Order imposes financial sanctions against persons designated as impeding the peace process, as constituting a threat to stability in Darfur and the region, as committing violations of international humanitarian or human rights law or other atrocities, as violating the arms embargo or as being responsible for certain prohibited military flights. The Sudan and South Sudan (Restrictive Measures) (Overseas Territories) Order 2012 extends restrictive measures to South Sudan which became a separate and independent State on 9 July 2011. It prohibits the supply and exportation of restricted goods; the provision of technical assistance, brokering services, and financing as well as the use of ships, aircraft and vehicles to carry restricted goods to Sudan or South Sudan.
Sanctions: Supply of restricted goods Exportation of restricted goods Assistance relating to military activities
Cayman Gazette: Supplement No. 1 published with Gazette No. 8 of 2012
SYRIA
Summary:
The Syria (Restrictive Measures) (Overseas Territories) Order 2012
The Order gives effect to an asset freeze in relation to persons responsible for the violent repression against the
Syrian population in Syria, persons and entities benefiting from or supporting the Assad regime, and associated persons and entities listed in Annexes II and IIa to the EU Council Regulation. This Order also gives effect to an arms embargo and trade restrictions (in relation to specified equipment, goods, technology, software, crude oil, petroleum products, gold, precious metals, diamonds, luxury goods and Syrian banknotes and coins) and to restrictions on financial services.
Sanctions: Freezing Funds and economic resources
Supply of restricted goods
Exportation of restricted goods
Provision of assistance, advice, or training related to the supply, sale, transfer, manufacture, maintenance or use of restricted goods
Cayman Gazette: Supplement No. 36 published with Gazette No. 11 of 2014
TUNISIA
Summary:
The Tunisia (Restrictive Measures) (Overseas Territories) Order 2011
This Order places restrictive measures on certain persons, entities and bodies responsible for the misappropriation of Tunisian State funds together with persons associated with them who are thereby depriving the Tunisian people of the benefits of their economy as well as undermining the development of democracy in the country.
Sanctions: Freezing funds and economic resources
Cayman Gazette: Supplement No. 1 published with Gazette No. 8 of 2011
UKRAINE
Summary:
The Ukraine (Sanctions) (Overseas Territories) (No. 2) Order 2014
The purpose of this Order is to address human rights abuses and misappropriation of state funds in the Ukraine. This Order 2014 revoked and replaced the first Ukraine Overseas Territories Order and gives effect to sanctions in respect of the Ukraine applied by the EU in EU Council Decision 2014/119/CFSP and freezes the assets of persons who have been identified as responsible for misappropriation of Ukrainian State funds. The Ukraine (Sanctions) (Overseas
Territories) (No. 3) Order 2014 gives effect in specified Overseas Territories to sanctions in respect of Ukraine applied by the EU in Council Decision 2014/145/CFSP and freezes in the specified Overseas Territories the assets of persons who have been identified as responsible for actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, and natural or legal persons, entities or bodies associated with them.
Sanctions: Freezing funds and economic resources
Cayman Gazette: Supplement No. 4 published with Extraordinary Gazette No. 30 of 2014
ZIMBABWE
Summary:
The Zimbabwe (Sanctions) (Overseas Territories) Order 2012
The main provisions include prohibition in respect of the sale or supply of arms, related material and equipment; the supply of technical assistance, training, financial and other specified forms of assistance as well as freezing funds and economic resources. A suspension and amendment Order in 2013 suspended financial sanctions provisions of the primary order which gave effect in certain overseas territories to sanctions against Zimbabwe adopted by the Council of the European Union. On 27th March 2013, by Council Decision 2013/160/CFSP, in view of positive political developments in Zimbabwe, the application of all financial sanctions was suspended in relation to the majority of designated persons and entities (to be reviewed every three months). This Order also made minor corrections to the principal Order.
Sanctions: Freezing funds
Providing or carrying restricted goods
Providing assistance relating to restricted goods and military activities
Cayman Gazette: Supplement No. 27 published with Gazette No. 11 of 2014:
Related:
Cayman Islands localises Crimea Sevastopol embargo
The Cayman Islands on Monday localised the European Union imposed sanctions on Russia, Crimea and Sevastopol Sanctions through the (Overseas Territories) Order 2014.
The order that was first made on the 8th October 2014, laid before British Parliament 15th October 2014 and came into force on the 16th of last month.
The order announced yesterday, gives effect in specified Overseas Territories to sanctions imposed. As such there is a ban on the import of goods originating in Crimea or Sevastopol and a ban on the supply to Crimea and Sevastopol of equipment and technology related to infrastructure development.
The ban however does not apply to goods originating in Crimea or Sevastopol which have been made available for examination to, and have been controlled by, the Ukrainian authorities and which have been granted a certificate of origin by the Government of Ukraine.
As a financial Centre, the new law makes it an offence to grant any loan or credit specifically relating to the exploitation of oil, gas or mineral resources in Crimea or Sevastopol.
The Order makes provision for the Governor to license certain activities in line with exemptions under the sanctions regime.
SOURCE: loop Cayman
