Prosecutors and law enforcement agencies in the Cayman Islands have significant powers to restrain and, in certain circumstances, confiscate assets representing the proceeds of criminal activity (Proceeds of Crime Act (2020 Revision) ("POCA"), Part III.
This short guide, which forms part of McGrath Tonner's financial crime and anti-money laundering series, focusses on restraint orders.
Restraint orders
A restraint order is an order prohibiting a person from dealing with realisable property subject to certain conditions and exceptions (section 451). It bears considerable similarities with the civil Mareva injunction and it is a frequently used weapon in the arsenal of the various Cayman Islands investigatory authorities.
A restraint order may state that it applies -
- to some or all realisable property held by the specified person; and/or
- to realisable property transferred to the specified person after the order is made.
Restraint orders are available to law enforcement agencies at the investigatory stage (prior to criminal charges being laid) and are designed to prevent assets, that may ultimately be made the subject of a confiscation order, from being dissipated.
The application process
A restraint order may only be made on an application by the Director of Public Prosecutions ("DPP"). It may be made ex parte to a judge in chambers and any application will almost invariably be advanced without notice to the subject of the order. The application will be in writing and must...
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