Regulatory Alerts2023-07-04
Added · Updated
Securities Commission of The Bahamas Notice on FATF Public Statement Regarding DPRK, Iran and Myanmar
The Securities Commission of The Bahamas informs licensees and registrants that the Financial Action Task Force calls for action regarding the Democratic People’s Republic of Korea, Iran, and Myanmar remain in effect. Licensees and registrants are reminded of their obligations under the International Obligations Orders for the DPRK and Iran, which require enhanced due diligence and, in serious cases, counter-measures for business relationships and transactions with these jurisdictions. The notice directs regulated entities to apply these measures to address money laundering, terrorist financing, and proliferation financing risks while ensuring that humanitarian assistance and legitimate remittances are not disrupted.