s.4Powers, functions and duties of Financial Reporting Authority
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Section 4Part 2 — The Financial Reporting AuthorityAmended

Powers, functions and duties of Financial Reporting Authority

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Amended by LG45/2019
The Financial Reporting Authority shall be responsible for receiving requesting, analysing and disseminating disclosures of information —
concerning proceeds of criminal conduct or suspected proceeds of criminal conduct; or
required by any law in order to counter money laundering. ( 1A ) In analysing disclosures under subsection (1) the Financial Reporting Authority shall, among other types of analyses, carry out the following types of analyses — ( a ) operational analysis, in which the Financial Reporting Authority shall use available and obtainable information to —
identify specific targets;
follow the trail of particular activities or transactions; and
determine links between targets under subparagraph (i) and possible proceeds of crime, money laundering, predicate offences and terrorist financing; and ( b ) strategic analysis, in which the Fina ncial Reporting Authority shall use available and obtainable information, including data that may be provided by other competent authorities, to identify money laundering and terrorist financing related trends and patterns.
Without limiting subsection (1) and notwithstanding any other Law to the contrary, the Financial Reporting Authority —
shall receive all disclosures of information (including information from any overseas financial intelligence unit) which —
concern proceeds of criminal condu ct, suspected proceeds of criminal conduct, money laundering, suspected money laundering, or the financing of terrorism;
are relevant to its responsibilities as a financial intelligence unit; (aa) shall be provided with such information, as may be prescribed, including cash transaction reports, wire transfer reports and threshold - based declarations or disclosures where the i nformation is required by law;
may, subject to subsection
— ( i ) where information is disclosed to the Financial Reporti ng Authority under this Act ; or ( ii ) upon receipt of a request from an overseas financial intelligence unit, order any person to refrain from dealing with a person ’ s account for a period not exceeding twenty - one days if satisfied that there is reasonable c ause to believe that the information or the request, as the case may be, relates to proceeds or suspected proceeds of criminal conduct; ( c ) may, in its discretion, in writing, require the provision, within a period not exceeding seventy - two hours, by any p erson of information (excluding information that ne ed not be disclosed under Part 5 ) for the purpose of — ( i ) clarifying or amplifying information disclosed to the Financial Reporting Authority under this Act ; or ( ii ) responding to a request by an overseas intelligence unit; and, in exercising its discretion, the Financial Reporting Authority shall consider whether there is reasonable cause to believe that the information or the request, as the case may be, relates to proceeds or suspected proceeds of crimi nal conduct; ( ca ) may disseminate, in its discretion or upon request, information and results of any analysis to — (i) any competent authority; (ii) any Supervisory Authority within the Islands, and (iii) such other institutions or persons in the Islands as may be designated in writing by the Steering Group, and shall use dedicated, secure and protected channels for such dissemination; ( d ) shall retain a record for a minimum of five years of — ( i ) all information received or disseminated by the Financial Reporting Authority; ( ii ) any agreement entered into under subparagraph (e); and ( iii ) any consent or direction given by the Attorney General under this Act ; ( e ) may enter into any agreement or arrangement, in writing, with an overseas financial intelligence unit which the Financial Reporting Authority considers necessary or desirable for the discharge or performance of its responsibilities and functions; ( ea ) shall monitor compliance with Regulations made under this Act for the purpose of anti - te rrorism financing and anti - proliferation financing measures; ( f ) shall collect, compile and annually publish, in such manner as the Financial Reporting Authority shall determine, statistical information relating to — ( i ) disclosures made to the Financial R eporting Authority under this Act ; and ( ii ) any onward disclosures of such financial information by the Financial Reporting Authority; and ( g ) shall have, exercise and perform such other responsibilities, powers, functions and duties as may be assigned to the Financial Reporting Authority by this Act or any other Law. ( 2A ) Where the Financial Reporting Authority enters into any agreement or arrangement under subsection (2)(e), the Financial Reporting Authority shall as soon as practicable inform the Steerin g Group that it has done so. ( 3 ) The power conferred by subsection (2) (b) is not exercisable unless the court, upon application by the Financial Reporting Authority, makes an order under this subsection permitting the exercise of that power.
Any person who without reasonable excuse fails or refuses to provide such information as is required by subsection (2) (c) commits an offence and is liable on summary conviction to a fine of fifty thousand dollars or to imprisonment for a term of two years, or to bot h.
An aggrieved person may, upon notice to the Attorney - General, apply to a judge in chambers to discharge an order made by the court under subsection (3), but such order shall remain in force until —
the judge in chambers determines otherwise; or
the expiration of the period during which a person is required, by an order made under subsection (2) (b), to refrain from dealing with another person ’ s account, whichever is sooner.
The Financial Reporting Authority shall perform its functions through the Director who shall have charge of the day - to - day management and operation of the Financial Reporting Authority.
If the Director is for any reason unable to perform the functions of that Director’s post, the Director may appoint any person m entioned in paragraph (b), (c) or (d) of section 3 (1), to act as Director.
Statistical information published pursuant to subsection (2) (f), shall without charge be made available by the Financial Reporting Authority for inspection at its office.
The Cabinet may assign to —
the Financial Reporting Authority;
a public body;
a self - regulatory body; or
any other person, the responsibility of monitoring compliance with anti - money laundering regulations made under this Act in relation to persons conducting “relevant financial business” who are not otherwise subject to such monitoring by the Cayman Islands Monetary Authority.
For the purpose of this section “ dedicated, secure and protected channels ” means the method by which informa tion is disseminated.
The method employed under subsection (10) should disseminate information in such a manner so as to ensure that the information is not accessed by a person for whom the information was not intended.

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