Cayman Islands Hosts Landmark Sanctions Forum

The Cayman Islands made history earlier this month (3-5 March) as the first British Overseas Territory to co-host the annual United Kingdom's Foreign, Commonwealth and Development Office (FCDO) Sanctions Forum, welcoming a record 131 delegates from the United Kingdom, Crown Dependencies and Overseas Territories at the event held at Grand Cayman Marriott Resort in George Town.

The Forum brought together delegates for three days of high-level discussions on sanctions implementation, enforcement, intelligence sharing, trade sanctions and the evolving global financial crime landscape. It opened with remarks from Her Excellency Governor Jane Owen and the Premier Honourable André Ebanks, signalling the highest level of commitment to effective sanctions implementation.

"By coming together as the UK global family to ensure that we consistently, effectively, uphold strong sanctions regimes, we are safeguarding the integrity and stability of the international financial system. Equally important, our working together guards the safety and prosperity of our respective home countries," said the Premier, who is also Minister for Financial Services and Commerce.

"Hosting this forum was therefore a straightforward choice for Cayman. It reflects our commitment, as a globally recognised financial services centre, to strong regulatory standards and close international cooperation to combat sanctions evasion and illicit finance."

Governor Jane Owen also emphasised, "The commitment and interest in this network demonstrates the important role sanctions play in foreign policy around the world, protecting and promoting the interests and values we share with likeminded partners. It is clear that the Overseas Territories and Crown Dependencies continue to play a critical role in delivering an effective, coordinated response, due to their weight within global financial flows."

Over the course of three packed days, delegates engaged with substantive presentations and interactive workshops covering some of the most pressing challenges in the global sanctions landscape. The opening day focused on intelligence sharing and the growing use of cryptocurrency in sanctions evasion, the likely priorities of the UK's forthcoming presidency of the Financial Action Task Force (FATF) and the process of building sanctions regimes and making designations.

The second day examined sanctions enforcement, including the use of civil monetary penalties as a practical tool to address breaches that fall short of the criminal threshold, alongside a landmark presentation on the UK's first successful criminal prosecution of sanctions violations. The afternoon was given over to an interactive trade sanctions mini-table top exercise covering implementation, licensing, intelligence, and enforcement challenges.

The final day addressed transport sanctions, frozen asset reporting and strengthening frameworks to counter proliferation financing as required by the FATF methodology, and featured guest presentations from the US Office of Foreign Assets Control and the British Embassy in Washington, DC. The Forum concluded with formal closing remarks delivered by Solicitor General Reshma Sharma on behalf of Honourable Samuel Bulgin, Attorney General of the Cayman Islands who noted, "This Forum has demonstrated beyond any doubt that the Cayman Islands is not simply a participant in the global sanctions' architecture, we are a leader. Our collaboration with the FCDO and with colleagues from across the Crown Dependencies and Overseas Territories is a testament to our collective resolve to uphold the integrity of the international financial system."

Attendees were overwhelmingly positive about the robust agenda and the presenters' facility in addressing complex matters, as well as about the event's organisation and Cayman's renowned hospitality throughout the week.