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The Cayman Islands government has announced that it has set up a task force to coordinate, identify and implement policy changes to implement UK sanctions against Russia. The Cayman Islands is a territory of Great Britain.
To this limit The authorities of this tax made 800 decisions to freeze the assets of persons and entities associated with Russia. “Many financial service providers submitted more than 400 forms confirming the freezing of assets worth $7.3 billion.” – Informs the Government of the Cayman Islands.
The level of reporting to date indicates that financial service providers are able to identify funds or economic resources that are owned or controlled, directly or indirectly, by specific persons and freeze these assets. RJ Berry, Director of the Financial Reporting Authority, who leads the new task force, said the relevant agencies in the Cayman Islands have many years of experience responding and working with international counterparts and will continue to follow this course in our approach to Russian sanctions.
The authorities expect that Recent changes to British regulations imposing sanctions on Russia will be extended to the Cayman Islands and will come into effect on April 14, 2022. These changes include new financial, commercial and maritime resources, and the restriction of some financial services in the Central Bank of Russia and other Russian agencies. Sanctions are applied in the Cayman Islands in the same way as in the United Kingdom.
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