24 Aug 2020

#Public

FIU: Notice To All Money Laundering Reporting Officers

(242) 326-3815

The Financial Intelligence Unit (FIU) of The Bahamas hereby advises all Money Laundering Reporting Officers (MLROs) of entities that are defined as a “Financial Institution” pursuant to Section 3 of the Financial Transactions Reporting Act, 2018, to take note that the United Nation Security Council concerning the Democratic Republic of the Congo has amended the list entry of two individuals and three entities on its sanctions list. These individuals and entities are subject to asset freezes and travel bans. Please review the amendments at: https://www.un.org/press/en/2020/sc14280.doc.htm 

Pursuant to Section 3A of the International Obligations (Economic and Ancillary Measures) Amendment Act, 2019 (“the Act”) when the United Nations Security Council adopts any resolution to impose a sanction in respect of a person or foreign state, that resolution, any annex, schedule or amendment takes full effect and force of law in The Bahamas.

All financial institutions are asked to take all appropriate action to ensure full compliance with the provisions of the Act. Financial institutions are required to review its client database against the information in the attached documents. Any positive returns should as soon as practicable be submitted to the Financial Intelligence Unit and negative returns should also be submitted for record keeping purposes

All declarations should be addressed to the Director of the Financial Intelligence Unit.