Regulatory Alerts2024-06-20
International Obligations (Implementation of UN Security Council Resolutions) (Iraq) Order, 2018
The Governor-General of The Bahamas enacted this Order to implement United Nations Security Council Resolutions concerning Iraq, ISIL, and Al-Qaida by imposing asset freezes, arms and economic embargoes, and travel bans on designated individuals and entities. Bahamian financial institutions must screen transactions against the consolidated UN Sanctions List, report matches to the Financial Intelligence Unit within one working day, and maintain stop-payments on confirmed frozen assets pending law enforcement verification. The Order establishes precise listing criteria, delisting and exemption mechanisms administered by the Attorney-General and Ministry of Foreign Affairs, and designates inter-ministerial focal points to coordinate information sharing and ensure strict compliance.