Belgium Tightens Financial Sanctions Against Terrorists: OFAC Compliance Requirements Take Effect
Belgium Implements Strict Financial Sanctions Against Terrorist Suspects
In a bid to combat terrorism, the Belgian government has implemented strict financial sanctions against individuals and entities suspected of terrorist activities. This move is in line with United Nations Resolution 1373 (2001), which calls on all countries to freeze the assets of persons and entities involved in terrorist acts.
National List of Terrorist Suspects
Belgium’s national list of terrorist suspects, established by the National Security Council, contains the names of individuals and entities against whom freezing measures apply. The list is maintained by the Coordination Unit for Threat Analysis (CUTA) after consultation with relevant support services and judicial authorities.
OFAC Compliance Requirements
According to Belgian law, all individuals and entities must comply with national financial sanctions. This requires:
- Freezing funds and prohibiting direct or indirect transactions with listed persons or entities
- Transmitting relevant information to the Treasury, including data on frozen accounts, identity of listed persons or entities, and details of incoming transfers that credit a frozen account
- Cooperating with the Treasury when verifying information
Key Takeaways
- Individuals and entities must freeze the funds of listed persons or entities
- They are prohibited from making funds available to these individuals or entities directly or indirectly
- Freezing applies not only to funds and economic resources owned by listed persons or entities but also those in their possession or control
Implementation and Notification
The implementation of embargoes and asset freezing must be carried out without delay as soon as they come into force. Mandatory notification of information relating to financial sanctions must be made on the initiative of the authorities as soon as a specific embargo measure is applied.
Compliance and Penalties
Belgian citizens and businesses are advised to take immediate action to comply with these new requirements, which aim to prevent the misuse of funds for terrorist activities. Failure to comply may result in severe penalties and fines.
Contact Information
For more information or to transmit required data, individuals can contact the Treasury at quesfinvragen.tf@minfin.fed.be or send a letter to the Minister of Finance, c/o General Administration of the Treasury, Avenue des Arts, 30, 1040 Brussels.