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Haiti Banking Regulation Changes 2023: New Sanctions List Update Affects Local Financial Institutions

October 23, 2023 - Port-au-Prince, Haiti

The Haitian government has announced changes to its banking regulations, effective immediately. The updates come in response to a recent amendment to the United Nations Security Council’s Haiti Sanctions List.

Key Changes

• Financial institutions and individuals operating in Haiti are now required to freeze funds and economic resources belonging to designated individuals and entities.
• Jimmy Cherizier, a former police officer turned gang leader, has been added to the sanctions list for his role in planning, directing, or committing serious human rights abuses.
• Local financial institutions have been advised to check their records for any accounts or funds held by Cherizier or his affiliated entities.

What You Need to Know

• The UN Security Council has designated Cherizier as a key figure in Haiti’s gang landscape and leader of the “G9 Family and Allies” alliance.
• Financial institutions are required to freeze assets held by Cherizier or his affiliates immediately and report their findings to the Financial Intelligence Unit (FIU).
• Failure to comply with these regulations is a criminal offense, punishable by law.

Purpose of the Changes

The changes to Haiti’s banking regulations aim to:

• Prevent illegal activities and misuse of funds in support of human rights abuses
• Maintain the stability of the financial system

Government Appeal

The government has urged all financial institutions and individuals operating in Haiti to cooperate fully with the new regulations to ensure compliance.