NASSAU, Bahamas — The Bahamas has joined the list of western countries that have imposed sanctions on the financial resources of Russian businesses and oligarchs with directives given to local institutions on Saturday, March 12, EYEWINESS NEWS online reported on March 13.
It represents the first time the country has introduced sanctions in the absence of a resolution from the United Nations Security Council (UNSC) and follows a formal request from the United States for the country to take direct action against Russia’s invasion of Ukraine.
The sanctions are essentially two measures: the Attorney General has directed local regulators to report on whether any of the entities flagged by the US have local dealings, and the second is a directive from local financial regulators for institutions to adopt the restrictions imposed by the US, UK, and the EU.
Under the International Obligations (Economic and Ancillary Measures) Act, the gazette refers to the unilateral sanctions imposed by the United States executive order regarding the financial resources of the Russian Federation and those of certain entities and individuals linked to the Russian Federation.
The gazette includes a listing of specific individuals and entities that have been flagged by the US for engaging or attempting to engage in financial activities that have contributed or pose a risk of contributing to the invasion.
The attorney general has directed financial regulators, alongside the Registrar General, to request licensees and registrants to perform a search of their database and register of beneficial owners for any of the named individuals or entities, and report the findings. See complete article in EYEWITNESS NEWS online at https://ewnews.com/the-bahamas-answers-the-call-economic-sanctions-imposed-on-individuals-and-entities-linked-to-the-russian-federation?fbclid=IwAR0pv8JQwHMk-1vRon_zmiORbo7xDL9-f3JGMx9gZ01AnHQrhUSQHB65FEk
