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Belgium’s Financial Sanctions Laws: What You Need to Know
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Belgium has implemented various financial sanctions laws to prevent individuals and entities from financing illegal activities. These sanctions are imposed by international organizations, the European Union, and national authorities.
Freezing Measures: The Most Common Sanction
The most common financial sanction is freezing measures, which aim to prevent targeted individuals and entities from accessing their funds. This includes an obligation to freeze their assets and a prohibition on making those funds available.
Who Imposes Sanctions?
Sanctions are imposed at various levels:
- Internationally by the United Nations Security Council
- At the European level by the European Union
- Nationally by Belgium’s National Security Council and public authorities
Other countries may also impose sanctions, but these do not have the force of law in Belgium.
Who Must Comply with Financial Sanctions?
Everyone in Belgium must comply with financial sanctions. These include both obligations and prohibitions.
Obligations:
- Freezing the funds of targeted individuals or entities
- Transmitting information to the Treasury about enforcing sanctions
Prohibitions:
- Making funds available to targeted individuals or entities
- Carrying out transactions contrary to imposed sanctions
Non-compliance with financial sanctions can result in legal consequences.
The Role of the General Administration of Treasury (FPS Finance)
The FPS Finance is responsible for administrative processing and monitoring compliance with financial sanctions. Their tasks include:
- Answering questions about financial sanctions
- Examining cases of homonyms
- Granting authorizations to waive certain sanctions
- Processing applications to release or make available frozen funds
- Managing information on implementing sanctions in Belgium
- Monitoring and enforcing compliance with sanctions
Useful Links:
- United Nations Security Council
- European External Action Service (EEAS)
- EUR-Lex
- FEBELFIN
- FPS Economy
- Foreign Affairs
- Brussels-Capital Region
- Wallonia
- Flanders
- Belgian Financial Intelligence Processing Unit (CTIF-CFI)
- Financial Action Task Force (FATF)
- Coordination Unit for Threat Analysis (CUTA)
Need Help?
If you have questions about financial sanctions, you can contact the Treasury via email at quesfinvragen.tf@minfin.fed.be.