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Financial Institutions in Czech Republic Boost Security Measures to Combat International Sanctions

Prague, Czech Republic - The Financial Analytical Office (FAO) has taken the lead in coordinating the implementation of international sanctions in the Czech Republic. As one of the country’s national competent authorities, FAO is responsible for asset freezing measures and financial sanctions, as well as granting derogations from most types of restrictive measures.

Implementation of International Sanctions

According to a report, the implementation of international sanctions in the Czech Republic is governed by Act No. 69/2006 Sb., on the Implementation of International Sanctions (International Sanctions Act), and Act No. 70/2006 Sb., amending selected acts in relation to the adoption of the International Sanctions Act.

Key Areas for Financial Institutions

The FAO has identified several key areas where financial institutions must take extra precautions to ensure compliance with international sanctions:

Dual-use goods and military equipment
Import and export controls
Landing, take-off, and overflights
Public financing or financial assistance

To address these concerns, the Ministry of Industry and Trade, the General Directorate of Customs, the Ministry of Transportation, and the Ministry of Finance have all established specific procedures for implementing sanctions-related measures.

Binding Sanctions Legislation

According to the report, international sanctions adopted by the United Nations, the European Union, and Czech national sanctions are binding in the Czech Republic. However, national sanctions imposed by third countries or other EU member states are not legally binding and enforceable in the country.

Accessing Information on International Sanctions

Individuals and businesses seeking information on international sanctions can access basic information on the scope of applicable sanctions through the EU Sanctions Map. Legally binding texts of international sanctions legislation are available in the EUR-Lex database.

Reporting Suspicious Activities

The report also highlights the importance of reporting suspicious activities to the authorities. If an individual or business credibly finds out that they have assets located in the Czech Republic that are subject to international sanctions, they are obliged under section 10 of the International Sanctions Act to inform the FAO without undue delay.

De-Listing from Sanctions Lists

Finally, individuals and businesses seeking to be de-listed from one of the sanctions lists may submit their request to the relevant EU or UN body. The report provides detailed information on the procedures for de-listing from both EU and UN sanctions lists.

Conclusion

In conclusion, financial institutions in the Czech Republic have taken significant steps to boost security measures and ensure compliance with international sanctions. By working closely with national authorities and implementing robust procedures, these institutions can help prevent illegal activities and protect the integrity of the financial system.