Financial Crime World

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Marshalls Islands Banking Sector Receives Targeted Financial Sanctions Guidance

The Republic of Marshall Islands Office of the Banking Commission has issued guidance to banks, financial service providers (FSPs), and designated non-financial businesses and professions (DNFBPs) on implementing targeted financial sanctions (TFS).

Background

According to a statement from the Office of the Attorney General, the guidance is aimed at assisting organizations comply with the United Nations Sanctions (Implementation) Act 2020 and the United Nations (UN) Targeted Financial Sanctions (Terrorism & Proliferation) Regulations 2020.

Requirements

Under the act and regulations, banks, FSPs, and DNFBPs are required to:

  • Apply policies, procedures, and controls to implement TFS against individuals and entities designated in the UN Consolidated List
  • Implement designations made by Marshall Islands authorities

The guidance provides detailed information on how to comply with these requirements.

Availability of Guidance

The Office of the Attorney General announced that the guidance will be available soon on the RMI Courts website alongside the link to the UN Security Council Consolidated List. Currently, the act is publicly available on the RMI Parliament website and the regulations can be accessed on the RMI Courts website.

Contact Information

Any questions or concerns regarding the guidance can be directed to:

Impact

This development is expected to enhance the Marshall Islands’ banking sector’s efforts in combating financial crimes and maintaining international standards of anti-money laundering and counter-terrorism financing regulations.