Financial Crime World

Minister of Finance: Implementation of Restrictive Measures in Financial Matters

As part of our efforts to combat terrorism and money laundering, the Minister of Finance has been designated as the competent authority for implementing restrictive measures in financial matters.

Responsibilities of the Minister of Finance

According to Article 6 of the Law of 19 December 2020 on the implementation of restrictive measures in financial matters:

  • Natural and legal persons who are required to implement these measures must inform the Minister of Finance of their enforcement.
  • The Minister is responsible for dealing with matters related to the enforcement of financial restrictive measures, as well as issuing authorizations derogating from prohibitions and restrictions imposed.

Monitoring and Supervision

In addition, supervisory authorities and self-regulatory bodies have been tasked with:

  • Ensuring effective monitoring of the implementation of these measures
  • Taking necessary measures to that end

The Administration de l’enregistrement, des domaines et de la TVA is responsible for supervising persons falling within its competence exercised pursuant to point (5) of Article 1(1) of the Law of 10 August 2018 on the organisation of the Administration de l’enregistrement, des domaines et de la TVA.

Communication with United Nations Sanctions Committees

The Minister of Finance has also been designated as the competent authority for communicating information to the United Nations Sanctions Committees regarding:

  • Natural and legal persons
  • Entities
  • Groups subject to restrictive measures in financial matters

Important Considerations

It is essential to note that:

  • The application of these measures must be carried out in good faith and in conformity with directly applicable provisions of the European Union or resolutions of the Security Council of the United Nations.
  • Disclosure of information necessary for the execution of this law by a person, employee, or director will not constitute a breach of any restriction on disclosure of information imposed by contract or by professional secrecy.

Consequences of Non-Compliance

Failure to comply with these restrictive measures may result in penalties, including:

  • Imprisonment
  • Fines

We encourage all parties concerned to familiarize themselves with the provisions of this law and to ensure its effective implementation.