NEWS

Cayman Joins In The Act Of Freezing Billions of Russian Assets

According to press reports, more than 800 asset freeze designations of individuals and entities have been enforced in the Cayman Islands since the Russian invasion of Ukraine in February.

The Cayman Government has created a task force to coordinate a new sanctions regime.

Numerous financial service providers have submitted more than 400 compliance reporting forms confirming that assets with an estimated value of US$7.3 billion have been frozen.

The British Overseas Territory encompasses 3 islands in the western Caribbean Sea — Grand Cayman, the largest island, known for its beach resorts. Cayman Brac is a popular launch point for deep-sea fishing excursions and Little Cayman, the smallest island, is home to diverse wildlife.

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Readers Bureau, Contributor

Edited by Jesus Chan

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