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Belgium’s OFAC Compliance Requirements: A Comprehensive Guide
Belgium has a sanctions regime in place that applies to any individual or entity within Belgium, as well as individuals elsewhere who are Belgian citizens or entities incorporated or constituted in Belgium. The legal basis of this regime is found in various laws and regulations, including the Law of 6 October 1944 regarding the control of transfers of goods or assets between Belgium and a foreign country.
Implementing UN Sanctions and Autonomous Measures
Belgium implements United Nations sanctions as well as autonomous sanctions measures. These sanctions include financial sanctions such as freezing the financial resources of individuals or entities, embargoes, trade restrictions, and travel bans. The goal is to target specific individuals and entities while minimizing the impact on the general population.
Maintaining Sanctioned Individuals and Entities Lists
The Belgian authorities maintain a list of sanctioned individuals and entities based on the European Union’s list. Additionally, there are other lists related to sanctions, including those related to money laundering and terrorist financing.
Licensing or Authorization System
Belgium has a licensing or authorization system in place for certain activities, such as:
- Export, import, or transit of weapons
- Military equipment
- Dual-use goods
An authorization or license can be required for these activities, which is granted by different regions of Belgium.
Consequences of Sanctions Breaches
A breach of sanctions in Belgium can result in financial penalties, including:
- Administrative fines
- Imprisonment
The duration of imprisonment or the amount of the fine varies on a case-by-case basis.
Relevant Regulators
The relevant regulators in Belgium include:
- Federal Public Service Finance - Treasury Department
- Belgian Financial Intelligence Unit (CTIF-CFI)
- General Administration of Customs and Excise Duties
These authorities have different entities responsible for other export, import, and transit licenses for weapons, military equipment, and dual-use goods.
Conclusion
Belgium’s OFAC compliance requirements are complex and multifaceted, requiring a thorough understanding of the laws and regulations in place. As a result, it is essential to seek professional advice from experienced lawyers who can guide you through the process and ensure compliance with all relevant regulations.