Regulators of the financial sector in The Bahamas have imposed economic sanctions on the financial resources from Belarus and the Russian Federation and Belarus following Moscow’s decision to begin an invasion by military force in Ukraine at the end of last month.

“After discussions with The Bahamas’ government The Bahamas and with due consideration of the concerns of this jurisdiction as well as the operator of the financial sector inside it,” the organizations comprised of the Group of Financial Services Regulators (GFSR) are directing the regulated entities who are authorized or licensed to conduct business in or from The Bahamas not to engage in transactions with sanctioned people or entities that are connected in any way to Russia as well as Belarus.

“Regulated organizations should employ the highest risk management controls to limit the possibility of any abuse of the Bahamian financial system in a present global environment and any circumstance.

“For this directive, sanctions include those issued by the United States, Canada, United Kingdom, the European Union and other jurisdictions, which the GFSR may specify from time to time.”

The GFSR comprises The Central Bank of The Bahamas, Securities Commission of The Bahamas, Insurance Commission of The Bahamas, Compliance Commission of The Bahamas, The Bahamas Gaming Board, along The Gaming Board.

The United States, the European Union, the European Union, the United Kingdom, Canada, and various other nations have issued a statement of sanctions against Russia over its constant invasion into Ukraine.

This week, the Bahamian government warned local businesses to be extremely careful when doing transactions with any Russian organization. At the same time, the principal political opposition Free National Movement (FNM), demanded Nassau take action more swiftly to protect sovereignty.

A statement issued by the Cabinet Office claimed the issue of sanctions against Russia after the invasion of Ukraine was discussed last Tuesday “we are currently in discussions with all of our stakeholders and partners including international and domestic. It is a subject that is still evolving.

“At this moment, we’re advising all businesses in The Bahamas that they ought to exercise caution regarding any transaction in the country with Russian individuals or entities that have been banned from the United States, EU, Canada and the United Kingdom, the statement added, adding “we continue to condemn the attacks against Ukraine from Russia. Russian Federation”.

The US Embassy in Nassau has urged The Bahamas to limit Russia’s access to the Bahamian financial system and to shut off the country’s airspace for Russian aircraft.

Caribbean Community (CARICOM) leaders, including Premier Phillip Davis, had agreed at their Inter-Sessional Summit in Belize earlier this month to defer the possibility of imposing sanctions against Russia to each member state.

“We talked about the problem of Russia for a long time. CARICOM believes that this is something we need to take as individual countries. We must decide what sanctions or sanctions we can take as individual countries rather than in the context of CARICOM,” said CARICOM chairman and Belize Premier John Briceno.

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