s.2Definitions and interpretation
2
Section 2Part 1 — Preliminary

Definitions and interpretation

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In this Law —
"biological weapon" means any biological agent or toxin as defined and referred to in section 1(2) of the Biological Weapons Act 1974 (Overseas Territories) Order 1975;
"business relationship" means a business, professional or commercial relationship between a relevant person and a customer, which is expected by the relevant person, at the time when contact is established, to have an element of duration;
"chemical weapon" has the definition referred to in section 1(1) of Schedule 1 of the Chemical Weapons (Overseas Territories) Order 2005, and the exceptions outlined in that section apply accordingly;
"conduct" includes an act or an omission;
"country" includes territory;
"designated person" means a person, including any subsidiary or other entity owned or controlled by that person, to whom Security Council anti-proliferation financing measures relate;
"direction" means a direction issued pursuant to section 3;
"document" means information that is recorded in any form;
"economic resources" means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services;
"enforcement officer" means an officer of the Financial Reporting Authority, or any officer of Customs or officer of the Royal Cayman Islands Police Service who is specifically or generally authorised by the Cabinet;
"Financial Reporting Authority" means the Authority established under section 3 of the Proceeds of Crime Law (2017 Revision);
"freeze" means to prohibit the transfer, conversion, disposition, movement or use of any funds or economic resources of a designated person that are specified in section 2B;
"funds" means financial assets and benefits of every kind, including —
cash, cheques, claims on money, drafts, money orders and other payment instruments;
deposits and relevant institutions or other persons, balances on accounts, debts and debt obligations;
publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products;
interest, dividends and other income on or value accruing from or generated by assets;
credit, rights of set-off, guarantees, performance bonds and other financial commitments;
letters of credit, bills of lading and bills of sale;
documents providing evidence of an interest in funds or financial resources; and
any other instrument of export financing;
"listed person" in relation to a direction, means a person, including any subsidiary or other entity owned or controlled by that person, in relation to whom a direction is given;
"Monetary Authority" means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Law (2016 Revision) and includes any employee of the Monetary Authority acting under the Monetary Authority's authorisation;
"money laundering" means conduct that constitutes an offence under section 23A;
"notice" means a notice in writing;
"nuclear weapon" includes any nuclear explosive device that is not intended for use as a weapon;
"proliferation" means the development or production, or the facilitation of the development or production, of nuclear, radiological, biological or chemical weapons or systems for their delivery;
"radiological weapon" means a device designed to cause destruction, damage or injury by means of the radiation produced by the decay of radioactive material;
"relevant person" means a person to whom a direction is given;
"Security Council" means the Security Council of the United Nations;
A reference in this Law to a person operating in the financial sector refers to a person whose business is subject to any one or more of the following Laws —
Banks and Trust Companies Law (2013 Revision);
Building Societies Law (2014 Revision);
Companies Management Law (2003 Revision);
Cooperative Societies Law (2001 Revision);
Insurance Law, 2010 [Law 32 of 2010];
Money Services Law (2010 Revision);
Mutual Funds Law (2015 Revision);
Securities Investment Business Law (2015 Revision);
Directors Registration and Licensing Law, 2014 [Law 10 of 2014]; or
any other laws that may be prescribed by the Cabinet by regulations made under section 46 of the Monetary Authority Law (2016 Revision),
and "financial sector" shall be construed accordingly.

Defined Terms

biological weaponbusiness relationshipchemical weaponconductcountrydesignated persondirectiondocumenteconomic resourcesenforcement officerFinancial Reporting Authorityfreezefundslisted personMonetary Authoritymoney launderingnoticenuclear weaponproliferationradiological weaponrelevant personSecurity Councilfinancial sector

Cross References

Referenced By