Regulatory Alerts2024-01-08
Added · Updated
Securities Commission of The Bahamas Notice on UN Sanctions List Amendments for DPRK
The Securities Commission of The Bahamas informs licensees and registrants of amendments to the United Nations Sanctions List for the Democratic People’s Republic of Korea, specifically affecting the General Bureau of Atomic Energy and the Academy of National Defense Science. Licensees and registrants must confirm compliance with section 3A of the International Obligations (Economic and Ancillary Measures) Act and related Anti-Terrorism regulations within 30 days of the notice and quarterly thereafter using Form 1A or 1B. Additionally, entities are required to file an annual declaration of full compliance by 31 January each year, signed by at least two directors or one director and the compliance officer. Failure to submit these required reports may result in disciplinary action, including a minimum fine of $200.00 per day per order.