Financial Crime World

Croatia Imposes Financial Sanctions and Embargoes: A Comprehensive Guide

Introduction

Croatia has a robust sanctions regime in place, which includes implementing United Nations (UN) sanctions as well as autonomous measures not specified by the UN. The country follows international restrictive measures laid down in legal acts of the UN, European Union (EU), and other international organizations.

Nature of Croatia’s Sanctions Regime

Croatia’s sanctions regime is focused on restricting economic relations with targeted countries or entities. Measures can include:

  • Termination of diplomatic relations
  • Restrictions on import, export, transit, provision of services, and transport
  • Freezing of assets

The country uses EU or international lists regarding sanctioned individuals and entities. The Ministry of Foreign Affairs maintains a database on sanctions measures enforced by Croatia, providing additional information on targeted parties.

Licensing and Authorization System

A licensing or authorization system is in place for certain financial transactions involving financial institutions incorporated in countries subject to restrictive measures. The approval of the Ministry of Finance may be obtained for the authorization of such transactions.

Consequences of Breaching Sanctions

Breach of sanctions in Croatia can result in severe consequences, including:

  • Monetary fines
  • Prison sentences ranging from six months to five years for intentional breaches
  • Fines or prison sentences up to six months for negligent breaches

Relevant Regulators

The relevant regulators in Croatia are the Ministry of Foreign and European Affairs. For more information, please contact them at:

  • Address: Trg N. Š. Zrinskog 7-8, 10000 Zagreb, Croatia
  • Phone: (+385) 1 4569 964
  • Fax: (+385) 1 4551 795
  • Email: kabinet.ministrice@mvep.hr

Conclusion

This article provides a comprehensive overview of Croatia’s sanctions regime and the consequences for breaching these measures. It is essential to seek legal advice before engaging in any activities that may be subject to sanctions.

Disclaimer

Please note that this article is not intended as legal advice. It is recommended to consult with a qualified professional if you have any questions or concerns regarding Croatia’s sanctions regime.