Financial Crime World

Title: Belarus Seeks New Players in Financial Crime Sphere as Sanctions Continue

Subtitle

  • Latest additions to the Belarus sanctions list reveal ongoing state-sponsored activities

Belarus’ financial crime landscape remains a significant concern for the international community as the latest amendments to EU Exit Regulations uncover new entities subjected to economic sanctions. In response to human rights abuses, efforts to undermine democracy, threats to Ukraine’s territorial integrity, and support for the Belarusian regime, the Government of the Isle of Man imposes financial restrictions.

The Belarus Sanctions Regulations

  • Application of the Republic of Belarus Sanctions (EU Exit) Regulations 2019 in the Isle of Man

The Belarus (Sanctions) EU Exit Regulations 2019, implemented under the United Kingdom’s Sanctions and Anti-Money Laundering Act, aim to freeze the funds and economic resources of individuals and entities reasonably suspected of involvement in specific activities. This legislation, through the Republic of Belarus Sanctions (Application) Regulations 2020, outlines several actions, policies, or activities leading to sanctions application:

  1. Repression of civil society or democratic opposition in Belarus
  2. Undermining democracy or the rule of law in Belarus
  3. Obtaining a benefit from or supporting the Government of Belarus through carrying on business in sectors of strategic significance

New Entities on the Sanctions List

  • Recent updates to the UK sanctions list: Dana Holdings A.K.A Dana Astra

Dana Holdings Logo

Dana Holdings A.K.A Dana Astra

  • Details and updates to the Sanctions List Entry
#### **Dana Holdings A.K.A Dana Astra**
- **Address**: Dana Center, St. P. Mstislavets 9 (1st floor), Minsk, Belarus, 220 114.
- **Other Information**:
    - (UK Sanctions List Ref): BEL0063.
    - (UK Statement of Reasons): Dana Holdings A.K.A Dana Astra belongs to the Karic brothers (Dragomir and Bogoljub), who are closely associated with Lukashenko and his family, and have significantly benefitted from that relationship.
    - Dana Holdings A.K.A Dana Astra is the only _non-state_ owned general sponsor of the Belarusian National Olympic Committee (NOC).
    - The IOC has adopted measures against the NOC due to their failure to protect athletes from _reprisals against them for protesting the 9 August elections and subsequent violent suppression of peaceful protests_.
    - Dana Holdings A.K.A Dana Astra publicly supported Lukashenko in the face of strikes and protests.
- _**Types of Entities**: Private sector development group_
- _**Listed on**: 18/12/2020_
- _**UK Sanctions List Date Designated**: 31/12/2020_
- _**Last Updated**: 08/02/2022 and 31/08/2023_
- _**Group ID**: 14035_

**Contact Information**
- _**Phone number**_: 00375 17 26 93 290
- _**Website**_: https://en.dana-holdings.com
- _**Email address**_: PR@bir.by

Designation Status

Dana Holdings A.K.A Dana Astra is now an involved person under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 because:

  1. It has been involved in the repression of civil society or democratic opposition in Belarus, specifically as a sponsor of the Belarusian National Olympic Committee.
  2. It is or has been involved in obtaining a benefit from or supporting the Government of Belarus through carrying on business in sectors of strategic significance to the Government of Belarus, namely the Belarusian construction sector.

Compliance Implications

Entities and financial institutions subject to this legislation must ensure they do not hold accounts, maintain funds, or provide financial services for designated individuals. Violating these restrictions may result in severe penalties. As the situation evolves and more entities are added to the sanctions list, conducting thorough due diligence and updating compliance strategies are crucial to managing associated risks.