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Belgium’s Financial Sanctions Laws: A Comprehensive Guide
In response to growing concerns about terrorism financing and money laundering, Belgium has implemented a robust financial sanctions regime aimed at combating these threats. The country’s sanctions laws are designed to prevent individuals and entities from engaging in activities that undermine international security.
Does Belgium Have a Sanctions Regime?
Yes, Belgium has an autonomous sanctions regime that complements the restrictive measures laid down by the United Nations (UN), the European Union (EU), and other international organizations. This regime is governed by various laws and regulations, including the Law of 6 October 1944 regarding the control of any transfers of goods or assets between Belgium and a foreign country.
What Does Belgium’s Sanctions Regime Entail?
Belgium’s sanctions regime is characterized by its focus on “smart sanctions,” which target specific individuals and entities deemed to be involved in activities that undermine international security. These measures can include financial sanctions, such as the freezing of assets, as well as travel bans, visa restrictions, and trade embargoes.
Who Enforces Belgium’s Sanctions Regime?
Belgium’s sanctions regime is enforced by various authorities, including:
- Federal Public Service Finance - Treasury Department
- Belgian Financial Intelligence Unit (CTIF-CFI)
- General Administration of Customs and Excise Duties
These authorities work closely together to identify and record any infringements of financial restrictive measures.
What Are the Consequences for Non-Compliance?
Failure to comply with Belgium’s sanctions regime can result in severe penalties, including:
- Administrative fines
- Imprisonment
The duration of imprisonment or amount of fine will depend on the specific circumstances of each case.
Who Can I Contact for More Information?
For more information about Belgium’s financial sanctions laws, please contact:
- Koen Devos, Partner at Eversheds Sutherland (Belgium)
- Caroline Schell, Associate at Eversheds Sutherland (Belgium)
Please note that the information contained in this article is intended as a guide only and should not be relied upon as legal advice. It is essential to consult with a qualified lawyer for specific guidance on Belgium’s financial sanctions laws.