Financial Crime World

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Office of Foreign Assets Control in Croatia: A Comprehensive Overview

Croatia has a sanctions regime in place to enforce international restrictive measures laid down by the United Nations (UN), the European Union (EU), and other international organizations that are binding for the country. The sanctions regime includes various restrictions, including:

  • Termination of diplomatic relations
  • Total or partial termination of economic relations
  • Restriction on disposal of assets

Sanctions Regime

The Croatian government maintains a list of sanctioned individuals and entities using EU and international lists. Additionally, the Ministry of Foreign Affairs keeps a database on sanctions measures enforced by Croatia.

Licensing System

To ensure compliance with the sanctions regime, Croatia has a licensing system in place. In cases where a financial institution is subject to restrictions, the approval of the Ministry of Finance may be obtained for authorization of transactions.

Consequences of Breaching Sanctions

Breaching the sanctions regime can result in severe consequences, including:

  • Monetary fines
  • Prison sentences ranging from six months to five years

The punishment for breach of other restrictive measures ranges from:

  • A fine or prison sentence of up to three years (for breach of certain restrictions)
  • A fine or prison sentence of up to six months (for negligence-related breaches)

Relevant Regulator and Contact Information

The Ministry of Foreign and European Affairs is the relevant regulator in Croatia, and its contact information includes:

For legal guidance on sanctions in Croatia, individuals can consult with law firms such as Savoric & Partners.