AG: Cayman will enforce UN sanctions against Libya

Attorney General Samuel Bulgin, in his function as the chair
of the Anti-Money Laundering Steering Group, has advised the Cayman Islands
financial industry to prepare for the implementation of restrictive measures
adopted by the UN Security Council and the European Union against certain Libyan
individuals and entities.

UN Security Council Resolution 1970 (2011) adopted on 26
February 2011 imposed among other things an arms embargo, a travel ban and the
freezing of funds and economic resources of individuals and entities involved in
human rights abuses and attacks on the civilian population in
Libya.

The Security Council Resolution provided a list of relevant
persons and entities targeted by the measures. This list was amended by the
European Union with EU Council Decision 2011/137/CFSP on 28 February 2011, which
effectively extended the scope of the travel ban and asset freeze. The list now
includes 26 individuals, including the Muammar Qadhafi, Qadhafi family members
and senior members of the regime.

In addition the EU Council adopted Regulation 204/2011 on 2
March 2011 to give the UN and EU measures legal effect in all 27 EU
countries.

The Anti-Money Laundering Steering Group, which was
established under the Proceeds of Crime Law and has responsibility for the
general oversight of the anti-money laundering policy of the government, advised
that although the measures were not yet in effect in the Cayman Islands, it is
expected that the UK government will be issuing an Order in Council, which will
enforce the UN measures in the Overseas Territories including the Cayman
Islands.

In anticipation of the order, local authorities and the
financial service industry should take proactive action, the statement
said.

The financial industry is specifically encouraged to take the
necessary steps to identify and appropriately manage assets in the Cayman
Islands that are linked to the persons and entities specified in the Security
Council Resolution and EU Council Regulation.

“Such measures could include enhanced monitoring and filing
of [suspicious activity reports] where appropriate,” the statement read, adding
that financial institutions should further incorporate the UN and EU actions
into their anti-money laundering and terrorism financing risk assessment
framework.

The Anti-money Laundering Steering Group includes the
attorney general, the financial secretary, the commissioner of police, the
collector of customs, the managing director of the Monetary Authority and the
solicitor general.

0
0

2 COMMENTS

  1. Are we now joining forces with the bully of the world, the UN? This is dangerous to our sovereignty and all that makes the Cayman Islands free and prosperous. The time has come to show our independence instead of kowtowing to bureaucrats.

    0

    0
  2. Natures poetry at its highest and best! Imperial nations take heed: the greatest will be swallowed by the least amongst you. There is yet time to repent and seek salvation. At 68, I can remember Che Guevaras call One, two, many VietNams! Isnt this what is happening now?

    0

    0

Comments are closed.