Financial Crime World

Belgium Steps Up Sanctions Screening Protocols Amid Global Concerns

Introduction

In a bid to curb violations of international peace and security, human rights abuses, and the proliferation of weapons of mass destruction, Belgium has strengthened its financial sanctions screening protocols. The country is now part of a comprehensive regime aimed at freezing assets of individuals and entities implicated in such activities.

The Importance of Financial Sanctions

  • According to officials, financial sanctions are a crucial tool in combating terrorism, human rights violations, and state destabilization.
  • These measures often involve restrictions on importing and exporting specific goods, including weapons, oil, technology, and other sensitive items.
  • The EU has taken the lead in transposing UN sanctions into European law, making them applicable in Belgium.

Belgium’s National Sanctions Regime

  • The General Administration of Treasury maintains a consolidated list of individuals and entities subject to freezing measures, which includes national, European, and international lists.
  • Officials warn that while they strive for accuracy, there may be omissions or errors due to the complexity of the data.
  • Belgium’s national sanctions regime was set up following UN Security Council resolutions aimed at combating terrorism.

International Community Stance on Russia’s Invasion of Ukraine

  • The EU has imposed a multitude of sanctions regimes in response to Russia’s invasion of Ukraine.
  • The General Administration of Treasury plays a key role in applying these sanctions, which include freezing assets and restricting financial transactions.

Verification and Assistance

  • Individuals or entities seeking to verify whether they are subject to financial sanctions can consult the consolidated list maintained by the General Administration of Treasury.
  • Those facing difficulties due to mistaken identity or homonymy can seek assistance from the Compliance department.
  • Derogations from financial sanctions may be granted on request, but applicants must follow a specific procedure.

The “Blocking Statute”

  • The “Blocking Statute” of the Council Regulation (EC) No 2271/96 aims to protect European enterprises from the effects of extra-territorial legislation adopted by third countries.
  • The General Administration of Treasury is responsible for ensuring compliance with this regulation.

Seeking Clarification or Assistance

  • For those seeking clarification or assistance regarding financial sanctions, the Treasury offers an email address where questions can be submitted: quesfinvragen.tf@minfin.fed.be.