Foreign Affairs Statement on the ongoing review of the invasion of Ukraine

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Pursuant to our ongoing review of the situation in Ukraine and consultations with our CARICOM partners, the Bahamas Foreign Ministry advises the public of recent orders from the regulators of the Financial Services Sector and the Attorney General as follow:

They are the INTERNATIONAL OBLIGATIONS (ECONOMIC AND ANCILLARY MEASURES) ACT (CHAPTER 16) and INTERNATIONAL OBLIGATIONS (ECONOMIC AND ANCILLARY MEASURES) (UNITED STATES OF AMERICA) (UNILATERAL SANCTIONS) DIRECTIONS 2022 and the Group of Financial Services Regulators Directive on Russian Business Activities.

Pursuant to our Treaty Obligations under the Revised Treaty of Chaguaramas, we have shared these directives with our Caricom partners. The conversation continues with them.

Foreign Ministers of Caricom have been charged by the Heads of Government to continue an active review of these matters and keep the heads advised.

The measures by the Group of Financial Services Regulators (GFSR) of The Bahamas direct all financial institutions to review dealings with Russians, Belarusians, and Russian and Belarusian entities on the prescribed schedule and report back to the Attorney General. The Financial Regulators have advised all financial institutions not to engage in dealings with Russians, Russian entities, Belarusian and Belarusian entities who are subject to international sanctions.

The directive from the Central Bank, the Securities Commission, the Insurance Commission and the Gaming Board issued on 13 March 2022 reads in part: “Regulated entities should apply the highest level of risk management controls to deter the potential for any misuse of the Bahamian financial system in the current global environment and indeed, every circumstance.

“For the purposes of this directive, sanctions include those issued by the United States, Canada, United Kingdom, the European Union and any other jurisdiction which the Group of Financial Service Regulators may specify from time to time.”

This is an evolving story and remains under active review.