Regulatory Alerts2025-06-27
International Obligations (Economic and Ancillary Measures) Iraq Order 2018
The Governor-General of The Bahamas issued this Order to implement United Nations Security Council resolutions concerning Iraq, ISIL, and Al-Qaida by imposing comprehensive asset freezes, arms and economic embargoes, travel bans, and cultural property trade restrictions on designated individuals and entities. The legislation mandates financial institutions and reporting organizations to monitor accounts, report matches to the Financial Intelligence Unit within one working day, and freeze identified funds while establishing clear listing, delisting, and mistaken identity procedures. It further designates intergovernmental focal points to coordinate compliance, facilitates exemption requests for basic and extraordinary expenses through the Attorney-General’s Office, and ensures seamless information exchange with UN committees and foreign jurisdictions.