Sanctions Screening Methods in Belgium: A Guide

Understanding Financial Sanctions

Financial sanctions are restrictive measures taken against entities or individuals deemed to be involved in activities that threaten international peace and security. These sanctions can include:

Freezing of assets
Bans on investing in certain sectors
Restrictions on granting loans or insurance
Prohibitions on financing the import or export of specific goods

Updated List of Sanctioned Entities

To facilitate compliance with these sanctions, the Belgian authorities maintain an updated and consolidated list of individuals and entities subject to freezing measures. This list includes national, European, and international designations.

Types of Financial Sanctions in Belgium

There are three main types of financial sanctions applicable in Belgium:

National Financial Sanctions: These sanctions are imposed by the Belgian government in response to United Nations Security Council resolutions.
European Financial Sanctions: The European Union imposes its own sanctions, which are often more stringent than those set by the UN.
International Financial Sanctions (UN): These sanctions are transposed into EU law and applied in Belgium.

Financial Sanctions and Anti-Money Laundering Legislation

Belgium’s financial institutions must implement effective policies and procedures to prevent money laundering and comply with financial embargo regulations.

In response to Russia’s invasion of Ukraine, the European Union has imposed a range of sanctions on Russian individuals and entities. The Belgian authorities are working closely with EU partners to ensure compliance with these sanctions.

Homonymy, Derogations, and Blocking Statute

To prevent mistaken identity, the General Administration of Treasury can check for homonymy or similar names. Derogations from financial sanctions may be granted upon request. The “Blocking Statute” protects European enterprises against the effects of extra-territorial legislation adopted by third countries.

Getting Help with Financial Sanctions

If you have questions or need assistance, please contact the Treasury at quesfinvragen.tf@minfin.fed.be.