The United Nations Sanctions (Revocations) Order 2014 (2017-10-17)

Summary

This is a General Industry Notice issued by the Cayman Islands Monetary Authority (CIMA) informing regulated entities that the UK's United Nations Sanctions (Revocations) Order 2014 (SI 2014 No. 2711) was made on 8 October 2014 and came into force on 6 November 2014. The notice simply relays that this UK statutory instrument revokes certain earlier Orders in Council listed in its schedule, which had previously implemented United Nations sanctions measures.

The notice does not itself impose new compliance requirements; it is informational, pointing readers to the full text of the UK Order via an external link and reproducing the Order's explanatory note. It appears to be part of CIMA's routine practice of alerting industry to changes in UK/UN sanctions instruments that may be relevant to AML/CFT screening obligations.

Because the underlying instrument only revokes prior sanctions orders (rather than imposing new restrictions), the practical effect for Cayman Islands entities is limited to ensuring their sanctions screening lists and procedures reflect the revocation, i.e., that they are no longer applying the revoked Orders in Council.

Deadlines

• 6 November 2014: Date the United Nations Sanctions (Revocations) Order 2014 comes into force, revoking the Orders in Council listed in its schedule.