Regulatory Alerts2023-01-17
Added · Updated
IOEAMA UNSCR Ref SC15177 ISIL (Da'esh) and Al-Qaida 16 January 2023
The Securities Commission of The Bahamas informs licensees and registrants that the UN Security Council added Abdul Rehman Makki to the ISIL (Da'esh) and Al-Qaida Sanctions List on 16 January 2023. Licensees and registrants must confirm compliance with section 3A of the International Obligations (Economic and Ancillary Measures) Act by submitting Form 1A or 1B within 30 days of the notice and quarterly thereafter, including submissions for cases with no positive findings. Additionally, they must file an annual declaration signed by at least two directors or one director and the compliance officer by 31 January each year. Failure to submit these required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.