Tuesday, Jan 28, 2020
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New order continues The Bahamas’ economic sanctions on North Korea

The Bahamas has once again joined the United Nations in placing economic sanctions on North Korea, according to a document on The Central Bank of The Bahamas’ website – International Obligations (Economic and Ancillary Measures) (Democratic People’s Republic of Korea) Order, 2019.

The Bahamas, since 2008 with an amended order in 2010, has held economic sanctions against North Korea. This latest order revokes the 2008 order, according to the document.

The order prohibits Bahamians and Bahamian-registered vessels from engaging in the trade of arms and arms related material, financial transactions, technical training, advice, services or assistance related to the provision, manufacture, maintenance or use of those arms.

The order also bans Bahamians and Bahamian-registered vessels from supplying any items, materials, equipment, goods, and technology that could contribute to North Korea’s nuclear or ballistic missile related programs.

The order also prohibits trade in luxury goods and natural gas; the provision of bunkering services; the provision of crude oil and aviation fuel that could relate to North Korea’s nuclear program; the trade of refined petroleum products; and the supply of all industrial machinery, transportation vehicles, and metal aggregates.

Bahamians and Bahamian-registered vessels are also prohibited from procuring from North Korea seafood, food and agricultural products, textiles, gold and other ores, missiles, coal and iron ore.

In regards to the financial services sector, no Bahamian residing inside or outside of The Bahamas is permitted to provide any provision of financial services to North Korea.

The order also allows the freezing of any funds in The Bahamas of North Korean citizens or entities.

While the order is extensive, it does list exemptions to several of the aforementioned orders, including the provision of small arms and light weapons so long as “the committee” is given five day’s notice. The exemptions also allow for the supply of humanitarian aid and in some cases the access to financial assets in The Bahamas, as long as those seeking access support a humanitarian purpose or cause.

North Korea is one of several countries which The Bahamas has imposed economic sanctions on, including Somalia, Rwanda, Sierra Leone, Afghanistan, Iraq, Kuwait, Liberia, Cote d’Ivoire, Sudan, Iran, the Democratic Republic of the Congo and Libya.

 All of the countries are listed on the government’s website.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
Maintaining good rel
ITM/Royal Caribbean