More than 40 boats, six helicopters and six aircrafts have been deregistered, thanks to Cayman’s Russia sanctions task force.
Financial institutions also declared about US$8.32 billion and €230.1 million in frozen funds in compliance reporting forms sent to the Financial Reporting Authority.
Operation Hektor was established just after Russia invaded Ukraine in 2022 to identify sanctions and make policy amendments to implement them in Cayman.
Twenty months later it is “still going strong”, according to a press release, and members continue to attend meetings every month.
Positive feedback
After the invasion began on 24 Feb. 2022, many countries set up a wide range of economic sanctions against Russia targeting finance, trade, transport and immigration.
Their aim was to effectively thwart Russia’s ability to continue its actions.
On 16 March 2022, Cayman set up its task force as a way to review developments and decide what actions need to be taken by each agency, domestically and internationally.
Robert James Berry, director of the Financial Reporting Authority, chairs the group with the Cabinet Office as task force coordinator.
Attorney General Samuel Bulgin said: “Despite the identified challenges, Operation Hektor has worked very well for the Cayman Islands.
“Both the Foreign, Commonwealth and Development Office and the Office of Financial Sanctions Implementation have provided positive feedback on its work.
“It has been mentioned that this joint task force model is being considered by other British overseas territories as they see the benefit of such a framework for sanctions work.”
Premier Wayne Panton said: “The Cayman Islands will continue to be steadfast and proactively work towards ensuring good governance and supporting international peacekeeping.”
A united front
In May, Operation Hektor members met with representatives from the Foreign, Commonwealth and Development Office’s Sanctions Directorate during their visit.
The task force was able to share the local experience of implementing sanctions work, as well as some of the challenges that have been experienced over the past year.
Governor Jane Owen said: “The UK parliament recently marked the fifth anniversary of the Sanctions and Anti-Money Laundering Act, the first piece of post-Brexit legislation.
“This act has helped shape UK foreign policy and provided a platform for the UK, along with our international partners, to implement the most severe package of sanctions ever targeted against a major economy.
“I am extremely grateful for all the work being undertaken across both the Cayman Islands government and the private sector to enforce the Russia sanctions regime and counter the illegal Russian invasion of Ukraine.”
As a result of the act, over 4,000 individuals and entities have been designated, £18 billion worth of Russian assets have been frozen, and 60% of Vladimir Putin’s ‘war chest’ of foreign reserves worth £275 billion have been put beyond reach.
In June, at the Deputy Governor’s Awards Ceremony, Deputy Governor Franz Manderson marked the work of Operation Hektor with the first World Class Service Award.
Operation highlights:
- Four general licences have been issued by the governor or acting governor, including the extension of one general licence.
- Ongoing processing of licence applications – 29 have been received since 1 March 2022.
- Two Cayman-flagged vessels have been deregistered by direction of the governor. In addition, over 40 vessels have been deregistered as they were unable to meet the requirements of the Merchant Shipping Act due to restrictions imposed by the Russia sanction. A number of other vessels are under review for referral for de-registration.
- Six helicopters and six fixed-wing aircrafts have been deregistered by the Cayman Islands Civil Aviation Authority, and a number of other aircrafts are still being monitored.
- Continued review and processing of compliance reporting forms – 1,226 related to the Russia sanctions have been received since 1 March 2022. Some of these forms identify funds that have been frozen – about US$8.32 billion and €230.1 million.
- 199 Suspicious Activity Reports filed since 1 March 2022.
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