Regulatory Updates for Financial Institutions in Haiti: New Sanctions List Addition

October 23, 2023 - Important Update for Haitian Financial Institutions

The Haitian government has announced significant updates to its sanctions regime aimed at combating financial crimes and maintaining peace, security, and stability in the country. The latest addition to the sanctions list was made public on October 20, 2023, by the United Nations Security Council.

Notable Amendments to the Sanctions List

The updated list features a notable amendment to the entry of Jimmy Cherizier, a former police officer turned influential gang leader. Cherizier is accused of engaging in acts that threaten Haiti’s peace and stability. He is the head of an alliance of Haitian gangs known as the G9 Family and Allies and has been linked to serious human rights abuses.

Obligations for Financial Institutions

Financial institutions and other persons are required to:

• Review their records for any accounts or funds associated with designated individuals, including Jimmy Cherizier
• Freeze these assets if such associations are found
• Report their findings to the Financial Intelligence Unit (FIU)

Failure to comply with sanctions legislation is a criminal offense.

Additional Obligations under the Sanctions and Anti-Money Laundering Act 2018

Financial institutions must also:

• Freeze funds and economic resources of designated individuals, entities, or bodies responsible for acts that threaten Haiti’s peace, security, or stability
• Review their existing records and update their compliance procedures accordingly to ensure they remain in line with the latest sanctions updates

Cooperation from Financial Institutions

The government has emphasized the importance of cooperation from financial institutions in maintaining a secure and stable financial environment in Haiti.