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Austria’s Office of Foreign Assets Control: A Key Player in the Nation’s Sanctions Regime

Vienna, Austria - As a member of the European Union and a signatory to various international organizations, Austria has implemented a robust sanctions regime to combat terrorism, weapons proliferation, and other threats to national security. At the forefront of this effort is the Office of Foreign Assets Control (OFAC), which plays a crucial role in enforcing economic sanctions against individuals and entities deemed to be posing a risk to the country.

Austria’s Sanctions Regime

According to Austrian law, the government has the authority to impose sanctions on individuals and entities that are involved in or support terrorist activities, weapons proliferation, or other illegal activities. The sanctions regime is primarily governed by the Sanctions Act 2010 (Sanktionengesetz 2010) and the Foreign Trade Act (Außenwirtschaftsgesetz).

Key Provisions of the Sanctions Act 2010

  • Empowers the Austrian National Bank to freeze assets and impose travel restrictions on individuals and entities designated as terrorists or proliferators of weapons
  • Allows for the seizure of means of transport and goods suspected of being used for illegal activities

Austria’s List of Sanctioned Individuals and Entities

While Austria does not maintain a comprehensive list of sanctioned individuals and entities, the country implements international sanctions issued by the United Nations and the European Union. These sanctions are typically listed on the official websites of these organizations.

Regulators and Contact Information

  • Austrian Ministry for Interior Affairs: +43 1 404 20 0
  • Austrian National Bank: +43 1 401 6035611
  • Austrian Federal Ministry for Digital and Economic Affairs: +43 1 711 00 0

Consequences of Violating Austrian Sanctions

Violations of Austria’s sanctions regime can result in severe consequences, including fines and imprisonment. The Sanctions Act 2010 provides for penalties ranging from a fine to up to EUR 700,000. Additionally, individuals who import or export goods without authorization may face financial offenses punishable by a fine of up to EUR 20,000.

Partnership with Eversheds Sutherland

Austria’s Office of Foreign Assets Control has partnered with international law firm Eversheds Sutherland to provide guidance on the country’s sanctions regime. The partnership aims to help businesses and individuals navigate the complex legal landscape and ensure compliance with Austrian laws and regulations.

Conclusion

In conclusion, Austria’s Office of Foreign Assets Control plays a critical role in enforcing the country’s sanctions regime, which is designed to combat terrorism, weapons proliferation, and other threats to national security. Businesses and individuals operating in or doing business with Austria are advised to familiarize themselves with the country’s sanctions regime and seek guidance from qualified legal professionals to ensure compliance with Austrian laws and regulations.