Bahamas financial regulators bar transactions with sanctioned Russians

Financial regulators in the The Bahamas say no business with sanctioned Russians and Belarusians will be permitted, in the wake of the war launched against Ukraine by Russia last month and following the urging of the American government.

“After consultation with the government of The Bahamas and with due consideration to interests of this jurisdiction and the financial services sector operator within it, the agencies comprising the Group of Financial Services Regulators hereby direct regulated entities that are licensed or authorised to operate from or within The Bahamas not to engage in transactions with sanctioned persons, entities or businesses linked to Russia and Belarus,” the group said.

“For the purposes of 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 includes the Central Bank of The Bahamas, Securities Commission of The Bahamas, Insurance Commission of The Bahamas, Compliance Commission of The Bahamas and the Gaming Board.

Last week, The Bahamas government also warned local companies to be very cautious when conducting business with any Russian entity even as the main opposition Free National Movement called on Nassau to act more decisively in the interest of sovereignty.

The US Embassy in Nassau had urged The Bahamas to limit Russia’s access to the Bahamian financial system and to restrict this country’s airspace to Russian aircraft.

Caricom leaders, including Bahamian Prime Minister Phillip Davis, had agreed at their inter-sessional summit in Belize earlier this month to leave the possible imposition of sanctions on Russia to individual member states.

“We discussed the issue of Russia at length,” said Caricom Chairman and Belize Prime Minister John Briceno.

“Caricom felt that that is something we should do as individual countries. We have to decide what kind of sanctions, if any, we can take as countries and not as Caricom,” he said.

CMC