Category: News

Source: fragomen.com

Published: 29 April 2022

The situation

A proposal by the European Commission seeks to lift entry visa requirements for short-term stays of Kuwaiti and Qatari citizens in a bid to strengthen business, cultural and social relations between the European Union and more countries in the Gulf region. The proposition would allow visits up to 90 days in a 180-day period for biometric passport holders from Qatar and Kuwait. 

A closer look

• Visa-free travel in the European Union. Kuwaiti and Qatari biometric passport holders would be able to travel to the European Union (except Ireland) – including to the four EU non-Schengen countries: Bulgaria, Croatia, Cyprus and Romania, and four associated countries (Iceland, Liechtenstein, Norway, and Switzerland) visa free for up to 90 days within a 180-day period. An agreement to this effect would add Kuwait and Qatar to a list of more than 60 other non-EU countries, including the United Arab Emirates, that have similar agreements in place. 
• Purpose of travel. Citizens of Qatar and Kuwait would be permitted to travel for tourism, business, and family visits. They would not be permitted to work in the European Union without the proper work authorisation, although EU Member States can permit travelers to carry out limited paid activities, under certain conditions as per national legislation, during their stay. 
• Reciprocity. It would be anticipated that the same visa-free travel would be available to EU citizens in Qatar and Kuwait in the near future, which would be formalized in a visa waiver agreement between the countries and the European Union. We will report on this separately when it is implemented. 

Impact

If accepted by the European Parliament and Council, this agreement would facilitate travel between two Gulf countries and the European Union, strengthening the partnership between the two regions which share security and economic interests. 

Background

Following an assessment of certain criteria (irregular migration, public policy, etc.) the European Commission concluded the low irregular immigration risks coupled with an increased interest in cooperation with the region, lend good reason to drop entry visa requirements for citizens of these two countries. 

The value of these and other similar agreements includes promoting interpersonal exchanges between the regions as well as strengthening educational, cultural, economic, and political ties.  

Looking ahead

If the European Parliament and Council adopt this proposal, a visa waiver agreement will need to be negotiated with Qatar and Kuwait in order to ensure full visa reciprocity for EU citizens, and only after this agreement is concluded and comes into force would the exemption in the European Union take effect. 

Source: cyprus-mail.com

Published: 27 April 2022

Attorney general Giorgos Savvides will be briefed on the course of the investigation centered on the controversial citizenship by investment programme on Friday, it was announced on Wednesday.

The investigation is centred on the Al Jazeera expose that implicated top Cypriot politicians in corruption within the programme.

Earlier this year it was announced that the legal service’s review of the police case, which was handed over to the office after its own investigation into the ‘Cyprus Papers’, is in its final phase.

The Cyprus News Agency reported that on Friday, Savvides will attend a meeting with police chief Stelios Papatheodorou and assistant attorney general Savvas Angelides to discuss the progress made so far in the investigation and give advice on next steps.

They are also expected to go through a number of other serious ongoing criminal cases.

A source told CNA that the police are currently investigating a second case related to the citizenship scheme which may reach courts in May.

The first case, which concerns the exceptional naturalisation of foreign investors and businessmen, was submitted to court in May 2021 based on a report prepared by an ad-hoc three-member committee led by then-chairwoman of Securities and Exchange Commission Dimitra Kalogirou.

Source: malaysianow.com

Published: 26 April 2022

Cash-strapped Sri Lanka announced Tuesday it would sell long-term visas to attract desperately needed foreign currency after the island nation ran out of dollars to pay for food and fuel.

Foreigners who deposit a minimum of US$100,000 locally will be granted permission to live and work in Sri Lanka for 10 years under the “Golden Paradise Visa Programme,” the government said.

The money should be locked in a local bank account for the duration of the stay, the government said in a statement.

“This scheme will help Sri Lanka at a time when we are facing the worst financial crisis since our independence,” media minister Nalaka Godahewa told reporters in Colombo.

The government also approved the granting of five-year visas to any foreigner spending a minimum of US$75,000 to buy an apartment on the island.

Acute shortages of food, fuel and medicines have triggered widespread protests, with thousands of people camped outside President Gotabaya Rajapaksa’s seafront office to demand his resignation.

The government has signalled a willingness to consider constitutional reforms that could pare back the authority of the president, who gave himself sweeping powers to appoint and sack ministers, judges and public servants after his 2019 election.

His government also rolled back democratic reforms that gave statutory independence to the police, civil service, election commission and the judiciary.

Sri Lanka’s economic collapse began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.

Utilities unable to pay for fuel imports have imposed lengthy daily blackouts to ration power, while long lines snake around service stations as people queue for petrol and kerosene.

Hospitals are short of vital medicines, the government has appealed to citizens abroad for donations and record inflation has added to everyday hardships.

Sri Lankan officials arrived in Washington last week to negotiate a bailout with the International Monetary Fund.

Source: zizonline.com

Published: 23 April 2022

Scores of citizens filed into Government Headquarters over two days (April 21- 22, 2022) to view the casket bearing His Excellency Vance Amory. The casket lay in State until 3 pm on Friday, April 22, 2022 – the second and final day in the Capital, Basseterre.

Persons also took the time to sign the Book of Condolences. They left heartfelt messages of grief, recalled personal moments with H.E. Amory, and expressed words of comfort for the family of the deceased.

Dr. Franklyn Musgrave said that H.E. Amory was a very dear friend. “He was a most delightful person and always cared about people. I will miss him sorely,” Dr. Musgrave stated.”

Former national sprinter Virgil Hodge recalled that H. E. Amory – himself a former athlete – was a tremendous supporter of sports ambassadors. He was one of my biggest fans,” she said, adding that it meant “a lot.”

Keith Lewis indicated that H. E. Amory always offered a kind word to persons he encountered, whether they were close friends, colleagues, or strangers. ”He was a man of the people. … It doesn’t matter how old or young [you were], he was always a friendly person and a respectable individual.”

Mildred Jacobs expressed that H.E. Amory was a very caring person and was “extremely nice” when she herself suffered a loss in her family. Her written message offered some of that comfort to Mr. Amory’s family.

After lying in State in St. Kitts, the body of H. E. Amory will go to Nevis for a similar public viewing on Thursday, April 28, and Friday, April 29, at the Theodore L. Hobson Q.C. Court House. The funeral service takes place on Saturday, April 30 at the E. T. Willet Park in Nevis.

Source: klaskolaw.com

Published: 16 March 2022

On March 15, 2022, the President signed into law H.R. 2471, which included, among other things, the EB-5 Reform and Integrity Act of 2022. This Act reauthorizes the EB-5 Regional Center Program, with significant changes; increases the minimum investment amount to $800,000 for investments in a high unemployment area, a rural area or an infrastructure project, and to $1,050,000 elsewhere; changes the way high unemployment areas are designated; and provides continued eligibility for regional center investors who invested prior to July 1, 2021. It also creates brand-new visa set asides for rural projects, TEA projects, and infrastructure projects.

What it means:

Starting in 60 days, regional centers will be able to file applications for new or existing EB-5 projects with updated business plans and investment documents. Once the regional center application is filed, new investors can file new I-526 petitions. Investors that file I-526 petitions prior to September 30, 2026, are protected from any future lapse of the regional center program. They will be able to continue the process even if the program expires on its next sunset date- September 30, 2027.

Current EB-5 Regional Center investors will be eligible to continue their immigration process. Investors with pending I-526 or I-829 petitions are immediately eligible to have those petitions adjudicated under the law. However, see our discussion below concerning processing times.

Existing non-regional center investors continue to be eligible for EB-5 visas under the prior investment amount and TEA rules. They are largely unaffected, other than potential visa backlogs and processing delays.

EB-5 Regional Center investors with pending Adjustment of status applications or visa applications will be eligible to have those applications adjudicated and visas issued. While we believe that the law provides for this immediately, USCIS and the Department of State may take the position that existing regional center investors will have to wait 60 days for visas to become available.

Current EB-5 investors will be able to file applications for an adjustment of status if they are in the U.S. and there is a visa available to them (i.e. not subject to a backlog). Please keep in mind, if the government takes the position that visas are not available for existing regional center investors for 60 days, investors will have to wait to file. Potential effects of visa backlogs and availability are discussed further below.

Investors from today forward will have to invest a minimum of $800,000 or $1,050,000. Investors in rural areas, USCIS designated high unemployment areas or infrastructure projects administered by a government agency get to invest at the lower amount.

The definition of a Rural Area is largely unchanged, and includes an area outside of any metropolitan statistical area and any city or town with a population of 20,000 or more.

A high unemployment area (Targeted Employment Area or TEA) consisting of one or more contiguous census tracts in which a new commercial enterprise is principally doing business and any adjacent census tracts may be designated by the Secretary of Homeland Security or his or her designee if the area has 150% of the national unemployment rate. A TEA designation is valid for 2 years, and an investor does not have to invest more money if the TEA does not qualify as a TEA after the 2 years. This is different than the previous TEA provisions, which allowed a state to designate a TEA based on a virtually unlimited number of contiguous census tracts.

The law creates a set-aside of 20% of available visas for rural projects; 10% for TEA projects, and 2% for infrastructure projects. These come out of the approximately 10,000 annual allocations for EB-5. Notably, investors from currently backlogged countries who invest in a rural project, TEA project or infrastructure project appear able to skip to the front of the line. This means a new investor from China who invests in a rural, TEA, or infrastructure project may be able to get a visa sooner than an investor from China who invested in 2015. Although this certainly seems unfair to the investors who have followed the rules and waited patiently for years, it is likely to mean increased demand for these projects in the short term.

Children of investors who turn 21 after the original petition is approved remain “children” for the purposes of a single, new immigrant petition filed by the parents if their I-829 is denied.

Regional centers are now subject to extensive disclosure and certification requirements and face enhanced compliance and reporting. The new requirements are lengthy and complex, and will be discussed in depth in upcoming publications.

Regional centers may still use reasonable economic methodologies to predict job creation, but only 90% of jobs can be indirect jobs. Ten percent of the jobs created by a regional center project must be direct jobs. If the job creation results from construction and the construction lasts less than 2 years, only 75% of the indirect jobs, minus the fraction of jobs equal to the fraction of two years that the project is short of a two-year duration can be counted. For example, if construction is only one year, a project could only count 50% of the 75% of jobs.

Investors wishing to pool their investments into a single business now need to do so through a regional center. The so called “pooled direct” model is no longer available for investors who file petitions after the enactment of the bill. Investors that previously invested in pooled direct projects will continue to be eligible to have their petitions approved.

The law sets new fees for petitions- an additional $1,000 per petition- and regional center annual filings- $10,000 or $20,000, and requires USCIS to conduct a fee study to determine the fees necessary to process EB-5 petitions and applications within 90 to 270 days.

The law provides some protection for investors in troubled projects. An investor in a regional center, new commercial enterprise, or job-creating enterprise whose participation in the regional center program is terminated by USCIS will have an opportunity to affiliate with a new regional center, NCE or JCE, and invest additional money to meet the job creation requirements. This allows investors who have had the misfortune of being involved in fraudulent projects the opportunity to continue the immigration process.

The law creates an EB-5 integrity fund, and requires USCIS to use it for overseas investigations and other fraud detection and compliance-related activities. This money is NOT intended to help improve processing times. It is investigative in nature. When a government agency has money it must spend on investigations, we worry that spending the money, rather than achieving the goal of the investigations, will be the motivating factor. This may potentially slow processing times.

The law allows the Secretary of DHS to determine the order and priority of processing EB-5 petitions. Petitions for investors in rural projects are to receive priority. Needless to say, with USCIS’ abysmal track record on processing times, this provision concerns us. However, Congress has indicated that it expects USCIS to set fees sufficient to enable efficient and timely processing of petitions.

Open questions:

Many of our clients are already asking when they will see action on their petitions or applications. The truth is, we don’t know yet. We believe that USCIS reassigned many or most of its EB-5 adjudicators, and it will take time to get them assigned back to EB-5 and trained on the new rules. On top of this, although the law specifically states that USCIS shall continue to process cases while it implements this legislation, we do not know if USCIS is going to take the position that all regional center petitions, including those filed before July 1, 2021, have to wait 60 days. Similarly, although we believe the law makes visas immediately available to existing regional center investors, USCIS and the Department of State may take the position that visas are not available for 60 days.

Will existing regional centers have to file new applications for designation or annual certifications to continue to do business? The law is not clear about the effect of a current designation and whether it is sufficient under the new rules. With a filing fee of $17,795, there is certainly temptation for USCIS to require new applications.

What is the impact on investors from China and other backlogged or soon-to-be backlogged countries? If roughly 3,000 visas are subtracted from the annual limit for rural, TEA, and infrastructure projects, will wait times go up? The good news is there may be extra visas available in FY2022 due to unused family-based visas from FY 2021 as a result of delays in issuing visas caused by COVID-19. The Department of State estimates that there are approximately 9,000 extra visas available to EB-5 in FY 2022 (which are likely to disappear if not used by September 30, 2022).[1] So, although approximately 3,000 visas will be taken out of the main queue, up to 9,000 may be added back in. Thus, in the first year, the effect is negligible. Unused TEA, Rural and infrastructure visas roll over into the next fiscal year in the same categories, but if unused in the next fiscal year, roll over into the general EB-5 pool. Thus, it is likely that some of the rural visas will remain unused and become available to the general pool in FY 2024. As a result, it is hard to predict what effect the new set asides will have on existing investors.

Conclusion

We are happy that the regional center program has finally been reauthorized and our many, many clients and their families who invested in good faith, filed their petitions, followed all the rules, and waited patiently will finally have a chance to complete their immigration process. However, the new law is highly complex and not always clear. We are hopeful that USCIS will provide meaningful interim guidance while it creates implementing regulations. We further hope that USCIS will implement the new law in a fair, transparent, efficient, and most importantly, timely manner.

Please check back often as we will be providing regular updates and various opportunities for our clients to learn more and ask questions.

[1] This is an unofficial agency estimate. See https://travel.state.gov/content/travel/en/legal/visa-law0/visa-statistics/immigrant-visa-statistics.html (Annual Numerical Limits for Fiscal Year 2022).

Source: caribbean.loopnews.com

Published: 17 March 2022

Antigua and Barbuda said it will propose that Organisation of Eastern Caribbean States (OECS) members create a Regulatory Commission in an effort to protect their lucrative Citizenship by Investment Programs (CIP).

The decision to propose the commission was taken at yesterday’s cabinet meeting.

The OECS Assembly is due to meet in Antigua and Barbuda tomorrow and the matter will be raised.

CPI programs have been placed under the microscope by the United States, European Union and the United Kingdom as they seek to tackle human trafficking as well as clamp down on persons trying to dodge international sanctions.  

EU Parliamentarians recently voted to ask its Commission to formulate a strategy that would eventually see passport holders of Dominica, St Kitts and Nevis, Grenada, St Lucia and Antigua and Barbuda booted out of the Schengen program that allows visa-free stays in member states for tourism and business purposes for up to 90 days.

US legislators are looking at the “No Travel for Traffickers Act” which is designed to penalise countries that operate CBI programmes.

At today’s post-cabinet media briefing, Information Minister Melford Nicholas stated: “It will be a response to the issues that they have raised. And it will be to demonstrate over and above anything else of our intent to be compliant and sympathetic to issues that they may raise in terms of their own national security.”

The government is also looking to amend the CIP law of 2013 so the program will be known as The Residency and Citizenship by Investment Program.

It will be similar to a program currently operated by the US.

“We may not be able to change hearts and minds in the US congress, but we can diversify our own offering to ensure we are still attractive to investors and investment from other jurisdictions where they are precluded from obtaining citizenship abroad,” Nicholas said.

“So it is broadening the scope of our offering…that is the key behind this requirement looking to modify our program going forward to ensure that we can cushion the impact of any fall that will come from this threat…more from the Schengen countries rather than from the United States.”

Source: iiusa.org

Published: 11 March 2022

On the 10th of March, with a vote of 68 yeas and 31 nays, the U.S. Senate passed a sweeping federal spending package that included the reauthorization of the EB-5 Regional Center Program (the “Program”). The House passed the same bill the night before. Now the measure will be signed by President Biden and reauthorize the Regional Center Program through September 2027. It is the first long-term reauthorization the Program has received since 2015.

The Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that create and save thousands of American jobs.

IIUSA Executive Director Aaron Grau stated, “this reauthorization not only provides stability for the industry and its incredible economic development ability, but it also provides assurance and protection to the tens of thousands of good faith immigrant investors who relied on this program.”

Unlike all other visa categories, federal statute requires that each EB-5 visa applicant make a significant up-front at-risk investment into a U.S. economic development project (either $800,000 or $1.05 million depending on where the project is located), pass a two-step national security screening, AND create or retain at least 10 full-time U.S. jobs; no jobs…no visa.

Bob Kraft, IIUSA’s Board Chairman, stated, “this is an incredible accomplishment and the industry owes a great thanks to Senators Grassley and Leahy. Those men and their staff have been stalwart supporters of this program and have never stopped working to improve and extend it. Their focus on integrity for the Program will serve it and its immigrant investors very well for years to come.”

Source: fragomen.com

Published: 4 March 2022

The situation

Due to the escalating crisis in Ukraine, EU Ministers announced the activation of the Temporary Protective Directive that provides a residence permit and access to the labour market in EU Member States, among other protections, for Ukrainian citizens and third country citizens residing in Ukraine. Additionally, many countries are continuing to grant other concessions for Ukrainian citizens.

A closer look

• EU Temporary Protection Directive. The Directive indicates that EU Member States must provide an expedited temporary residence permit valid for up to one year (renewable for up to two years) and access to the labour market (or to self-employment rights), among other protections, to Ukrainian citizens, third country citizen residents in Ukraine and those with refugee status. The practicalities of applying for the residence permit and access to the labour market will be determined on a country-by-country basis (labour market tests may still apply in some circumstances).  
• Guidelines for border control. The European Commission has also published operational guidelines for external border management, including the temporary relaxation of border controls at the Ukrainian border to the European Union to allow Ukrainian citizens to enter the European Union on humanitarian grounds, including facilitation for individuals who may not possess necessary entry documentation. In this event, Member States should provide an arrival declaration and/or provisional travel documents. Temporary travel documentation may not permit travel between EU Member States. 
• New immigration concessions for Ukrainian citizens. New reported examples of government concessions for Ukrainian citizens are below, in addition to the ones listed in a previous alert. The situation is extremely dynamic. To ensure that you have the most up to date information, contact your immigration professional for additional concessions.
  • Australia. Ukrainian citizens with pending visa applications will have their applications prioritized and fast-tracked for decision by immigration officials. Additionally, Ukrainian citizens in Australia holding visas which expire prior to June 30, 2022 will automatically have their visas extended for six months. 
  • Austria. Ukrainian citizens can enter Austria without a visa for up to 90 days, even if they do not currently hold a biometric passport.  
  • Belgium. Ukrainian citizens can extend their stay beyond the typical 90-day period and the government has confirmed the process to apply for a temporary protection permit and the associated right of unlimited access to the labour market. 
  • Bulgaria. Ukrainian citizens can work remotely in Bulgaria for 90 days, after which they will need to obtain a work permit. 
  • Germany. Immigration offices may, on a case-by-case basis, accept long-term permit applications for Ukrainian citizens, even if they do not have a valid long-term visa. Visa-exempt Ukrainian citizens on short stays of up to 90 days (visa free) in Berlin have automatic extensions of their status until May 31, 2022. 
  • United Kingdom. Ukrainian nationals can apply for UK visas from Poland, Romania, Hungary and Moldova. Tuberculosis testing and some other requirements are waived and the government is providing additional flexibility if the necessary documents cannot be provided.  A New Ukraine Family Scheme has been made available for Ukrainian family of British or UK settled persons, which allows defined immediate and extended family members to come to or extend their stay in the United Kingdom. Family migration visas are available for immediate family of British citizens usually resident in Ukraine. The government is also providing automatic fast-tracking for family applications, a 24-hour helpline and is waiving application fees for eligible applicants. Lastly, the government has announced a new humanitarian sponsorship route, with guidance still to be published. 
• COVID-19 entry rule exemptions. Some examples of countries that are exempting Ukrainian and/or other citizens from COVID-19 entry rules are below: 
  • In Canada, Ukrainian citizens with a Canadian temporary resident visa (visitor visa), temporary resident permit or written notice of their permanent residence application approval can enter even if they are not vaccinated or received a vaccine not currently recognized by Canada.  
  • In the Czech Republic, unvaccinated Ukrainian citizens can enter without proof of vaccination, recovery or a negative COVID-19 test; vaccinated Ukrainian citizens without these documents can also enter. 
  • In India, Indian citizens evacuated from Ukraine are exempt from uploading vaccination certificates prior to departure from Ukraine. Fully vaccinated Ukrainian evacuees can leave the destination airport without undergoing a post-arrival COVID-19 test.  
  • In Poland, Ukrainian citizens and residents leaving Ukraine do not need to carry proof of vaccination, recovery or a negative test. 
  • In Romania, Ukrainian citizens and residents leaving Ukraine do not need to carry proof of vaccination, recovery or a negative COVID-19 test. 
  • In Slovakia, refugees from Ukraine are exempt from the pre-arrival COVID-19 test and quarantine requirements. 
  • In Saudi Arabia, Saudi citizens and their dependents arriving from Ukraine are exempt from the pre-departure COVID-19 test requirement and instead can take a COVID-19 PCR test within 48 hours of arrival.  
  • In Taiwan, Taiwan citizens returning from Ukraine are exempt from the pre-arrival COVID-19 PCR test.
  • In the United States, until April 1, 2022, nonimmigrants who were present in Ukraine on February 10, 2022 and who are traveling with U.S. citizens and permanent residents may be exempt from testing and vaccination requirements. 

Impact

Temporary protection status is an expedited alternative to the asylum process in EU Member States, which includes labour market access and health care rights. The implementation of this status will be on a country-by-country basis, which may result in variations in interpretation or not all situations being immediately addressed.   
 
Impacted citizens should take advantage of immediate concessions in all EU Member States and should remain informed of the growing number of concessions as they are released by local authorities, and prepare for delays in consular and immigration processes.   

Source: schengenvisainfo.com

Published: 4 March 2022

The European Union’s Council has approved a proposal to partially call off the visa waiver agreement with Vanuatu, upon an evaluation that the latter’s Golden Passport schemes, officially known as investor citizenship programmes, bring risk to the EU countries.

The decision was announced on March 3, Thursday, after a proposal by the EU Commission regarding the issue was presented on January 12.

“The suspension concerns only citizens of Vanuatu holding ordinary passports issued since May 25, 2015, when these Vanuatu investment citizenship schemes entered into force. At the end of this process, holders of such passports will need a visa to travel to the EU,” the Council notes in a press release issued on the same day.

Listing the main reasons behind the decision, the Council has noted that upon a detailed evaluation of Vanuatu’s investor citizenship schemes, it has been concluded that in several cases, Vanuatu has granted citizenship to applicants who were listed in Interpol databases.

At the same time, the Council claims that applicants for a Vanuatu golden passport were not required to be physically present in the South Pacific Ocean Island, and their applications were quickly processed, without the authorities even contacting the applicants’ countries of origin or residence.

The Council also points out the extremely low rejection rate among applications, noting that the low rate raises doubts about the reliability of the security and due diligence screening.

“The decision will now be published in the Official Journal and will enter into force two months after publication. Under the visa waiver agreement, the decision on suspension is to be notified to the other party no later than two months before its entry into force,” the Council notes.

The visa waiver agreement, which was reached between the block and the island nation in 2015, permits citizens of Vanuatu to travel to the 26 Schengen Area countries without a visa for stays of up to 90 days in any 180-day period.

After Vanuatu introduced several new investor citizenship schemes, also increasing the number of beneficiaries, the EU Commission started looking into these schemes and thus raising doubts about their security failures.

While at first, the Vanuatu authorities took seriously the warning of the EU that the visa waiver agreement would be suspended, the same later introduced a new citizenship scheme in April 2021. The EU Commission on January presented a proposal for the partial suspension of the visa waiver agreement with Vanuatu.

The EU authorities are also working to push the Member States who are operating programs that grant foreigners citizenship in exchange for an investment, put them to an end.

Only last months, the Members of the EU Parliament have urged the Member States to end the schemes while calling them “objectionable ethically, legally and economically.”

Currently, Bulgaria, Cyprus, and Malta are the only EU countries that run such schemes. EU data show that at least 130,000 third-country nationals have benefited from such schemes between 2011 and 2019, through whom the EU countries operating such schemes have generated over €21.8 billion in revenue.

Published: 4 March 2022

The IMC is saddened by the violence and unnecessary loss of life as a result of the events unfolding in Ukraine which are already creating an immense humanitarian and refugee crisis that will have devastating and far-reaching economic and social impact around the world. 

Our concern is also the safety of our members, and immediate families in the country and we stand ready to provide assistance where needed.

The situation is evolving rapidly. The different, partly overlapping, sanctions that have, and continue to be imposed by different countries and authorities around the world on Russia and Belarus make for a very challenging operating environment. 

We urge our members and their wider network to continuously monitor advice from the IMC, international bodies, regulators and follow global sanctions lists. Everyone is urged to approach the processing of applications from Russian and Belarusian nationals with extreme caution and deploy Extended Due Diligence tools available through companies duly experienced and qualified to do so.

The Governing Board of the IMC would like to express its deepest solidarity with the people of Ukraine and stand with all who are against this war.

Download the full statement here