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Barreau de Luxembourg: A Key Player in Implementing Financial Sanctions

The Barreau de Luxembourg (L 1840 Luxembourg) is a self-regulatory body responsible for supervising persons within its competence, including notaries and bailiffs, with regard to the implementation of restrictive measures in financial matters. In this article, we will delve into the role of the Barreau de Luxembourg in enforcing financial sanctions and explore the legal framework that governs these measures.

Financial sanctions are imposed by various international organizations, such as:

  • The United Nations Security Council (UNSC)
  • The European Union (EU)
  • National governments

These sanctions aim to combat terrorism, proliferation of weapons of mass destruction, and other serious threats to international peace and security.

In Luxembourg, financial sanctions are implemented through:

  • EU Regulations
  • Laws
  • Grand-Ducal Regulations

These legal acts are binding on citizens of the EU and/or natural or legal persons residing in or operating from the territory of the EU. They are directly applicable in all Member States without the need for transposition into national law.

The Barreau de Luxembourg’s Role

As a self-regulatory body, the Barreau de Luxembourg is responsible for ensuring that its members comply with financial sanctions imposed by international organizations and national governments. The Barreau de Luxembourg works closely with other authorities, including:

  • The European Commission
  • The Council of the European Union
  • Relevant United Nations sanctions committees

The Binding Nature of Financial Sanctions

Financial sanctions are binding standards for Member States and natural or legal persons operating in or from the territory of the EU. UNSC Resolutions and CFSP Decisions, which impose financial sanctions, are automatically applicable without the need for transposition into national law.

EU Regulations, laws, and Grand-Ducal Regulations that implement financial sanctions are also directly applicable in all Member States. These legal acts have no retroactive effect, meaning they can only be applied from the date of their publication.

The Territoriality Clause

EU Regulations should only apply to situations where links exist with the EU. The European Union will refrain from adopting legislative instruments that would have extraterritorial application and breach international law.

In summary, the Barreau de Luxembourg plays a crucial role in implementing financial sanctions imposed by international organizations and national governments. The legal framework governing these measures is complex and involves various legal acts, including:

  • UNSC Resolutions
  • CFSP Decisions
  • EU Regulations
  • Laws
  • Grand-Ducal Regulations