AG warns industry to prep for Libya assets freeze
(CNS): The local anti-money laundering steering group committee is gearing up for a direction from the UK to restrict and freeze assets relating to members of the Libyan regime in connection with a UN and an EU resolution. The attorney general circulated a letter on Friday asking the financial industry to beginning identifying and taking pro-active steps to manage assets that may fall under the UN’s resolution. At the moment the UN Security Council resolution places restrictions on and freezes assets of some 26 individuals in Libya. Although the measures are not yet in force in the Cayman Islands, the committee is asking for industry co-operation and the AG said more information would be released when notice comes from the UK.
The measures are outlined in the EU Council Decision 2011/137 CFSP and the UN 1970 (2011) and include restrictions on arms, internal repression equipment, a travel ban and the freezing of funds and economic resources of certain named people involved in serious human rights abuses in Libya, including the leader Colonel Gaddafi and members of his family, aswell as other senior people associated with the regime.
An order in council is expected from the UK soon that will extend the UN resolution to here. This means that local entities that hold any kind of accounts or manage any assets for these people will need to comply with the resolution.
Attorney General Samuel Bulgin said the order would give direct effect to the measures in the territories and would then be enforced in domestic law.
“Pending the coming into effect of the UK OIC, it is important that relevant Cayman Islands authorities and the local financial industry take positive and proactive action in this regard,” he wrote. “The industry is therefore strongly encouraged to take steps to identify and appropriately manage relevant assets in the Cayman Islands which involves those assets held by the specified persons" in the Security Council Resolution.
These interim measures could include enhanced monitoring or filing of suspicious activity reports and the AG recommended that financial institutions incorporate the resolution into their risk assessment framework.
See AG’s letter below.
Category: Business
The unlawful killing of Libyans by theirown government is a good example of why the Second Amendment of the American Constitution exist
So few words written – so much which is just wrong.
Firstly – when would a government be lawfully allowed to kill their own civilians?
Secondly – would the third amendment not be a better example of something which would protect civilians in their own homes?
Thirdly – what exactly about the second amendment would be seen as good in this deplorable situation?
Fourthly – would the system of periodic elections to chose by whom you are governed not be seen as a more suitable measure to put in place rather than the second amendment?
Fifthly – are you insinuating the lack of a second amendment would lead America to turn into Libya?
And finally – if there was no oil in Libya, would the American troops be in Libya, would there be rolling 24 hour news coverage and more importantly – would you care?
Excuse my ignorance, but does anybody here know what happens to all these dictators’ assets that are "frozen" from time to time. Are the properties put up for sale, for instance? Is the gold sold on the open market? Who gets to take care of the proceeds until they are distributed? (Please tell me it’s not the international banks!) Are the proceeds held in trust for the people of the relevant nations, or are they simply handed over to the next dictator?
Poster, I too have wondered what happens to these assets whether properties, money etc. It is a fact that the Cayman Islands have been in similar positions, but no one seems to know what hapens, Do the Government get a percentage for “Watch Doging”?? these assets/proceeds by the organisations. The monetary Authority should be the active minds in having this resolved by receiving compensation for their side of the work – There is a possibility that other countries make claims for their side of the work – Have the Banks etc been forthcoming and sharing their Professional Fees with our Government?? Some clarity would be good for the people of our Islands!!!
This is so interesting.. The Compass headline reads ‘ AG: Cayman will be enforcing UN sanction’s against Libya’ Wow! Now all we need for balance is for you to enforce United Nation’s declaration of Universial Human Right’s.Hypocracy at it’s best, I wonder how many vast natural resourses Libya has that can be carefully managed?
which country doesn’t??
True.. very true in fact. For Cayman it was long & confidently preached that we have no natural resources,but some folk’s have certainly done well with the one thing we do have. That being our environment. Some food for thought: Libyas oil reserves are the largest in all of Africa & 9th in the world.
Pinochet, Noreiga, Hussein, Suharto, Gaddafi one day they’re ok guys and the UN, European Parliament, U.S.A. care not a whit for the people being oppressed or abused. The next day they’re bloodthirsty tyrants. Depending of course on whether they follow directions and deliver needed oil, resources, etc. or they’re still in control of them. The reward is to be supplied with all the weapons needed for a reign of terror. Supplied by the customer and paid for with income from the needed resources. What kind of hypocritical stance is this?? Libya, Gaddafi in particular, or any of these tyrants DO NOT manufacture weapons. They purchase them. From companies such as BAE, McDonnell Douglas, Aerospatiale, etc. after introductions from their governments for the sale of these weapons. Governments such as the U.S.A., Britain, and France send representatives and delegations what do they think they’re going to use these weapons for, display? After arming these lunatics to the teeth they all act terribly offended and surprised by the uses they’re put to. But, picture what a threat any of them would be without them. In this case, banks are ok with taking deposits from these despots as long as everyone keeps quiet about it. But when they turn out to be wackjobs with too many weapons. Then something must be done.
Has the world gone crazy, or did I miss a chapter?
I wonder where we stand on the world list of countries holding the most frozen assets?
We can claim what’s done here is legal, but I think we are profiting from the misery of the world.
You get to drive you Cayman Cadillac (SUV) due in some part to tyrants killing, looting and raping their own people. God help us.
Would it not have to be a country in the first place before it could appear on the list of countries?