What you need to do

• Who must report: Entities holding funds or economic resources owned, held or controlled by DPs listed under UK sanctions law.
• Exemptions: No need to submit a report if no such assets are held.
• Deadline: Submit reports by 30 November 2025, detailing assets as of 30 September 2025. Going forward, there is now an ongoing obligation to make such reports.

Reporting Requirements:

• Report all funds or economic resources, whether held in the Cayman Islands and overseas that are frozen under UK sanctions.
• Include asset types, values (in USD if applicable) and account details.
• Use the official Frozen Assets Reporting Template available on the FRA website.

Ongoing compliance

• Regularly check for accounts linked to DPs.
• Freeze and report newly identified assets immediately.
• Avoid dealing with or making assets available to DPs unless licensed.

Submission details

Email completed forms to financialsanctions@gov.ky.

Why this is happening

• Global compliance: The Cayman Islands implements UK sanctions under the Sanctions and Anti-Money Laundering Act 2018. These sanctions target individuals, entities and regimes involved in activities like terrorism, corruption and human rights violations.
• Transparency and accountability: Reporting ensures that funds and economic resources linked to DPs are identified, frozen and not used to support illicit activities.

Failure to comply is an offence and may result in penalties.

For more information, the official Notice can be accessed here and the Frozen Assets Reporting Template here.