EU: MAJOR NEW SANCTIONS STRATEGY

On 19 January, the European Commission published a Communication setting out its new strategy with wide-ranging ideas which suggest far more active involvement by the Commission in EU sanctions than previously, to counter “the extra-territorial application” of unilateral sanctions by third countries (such as the US), and to promote the uniform implementation and enforcement of EU sanctions and monitor their effectiveness. 

A new Sanctions Information Exchange Repository will be a database for reporting and exchange of information between the Commission and Member States on the implementation and enforcement of sanctions and there will be a single point of contact for cross-border enforcement and implementation in the EU.  There will be a system for anonymous reporting of sanctions evasion, including whistleblowing.  From 2021, the Commission will conduct a review of practices that circumvent and undermine sanctions, including the use of cryptocurrencies, and the results of this will inform possible legislative proposals or implementation guidelines from 2022.

https://ec.europa.eu/finance/docs/policy/210119-economic-financial-system-communication_en.pdf

 

 

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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