The European Commission has submitted a proposal to harmonize penalties for criminal offenses and violations of EU sanctions.
The proposal follows a Council decision identifying EU sanctions violations as EU crimes (see previous blog post on this here) and lays down general EU rules. EU Sanctions in all Member States.
The main elements of the proposal are:
list of criminal offensein violation of EU sanctions such as:
- To make funds or financial resources available to or for the benefit of a designated person, entity or entity.
- These funds could not be frozen.
- enable the entry into or transit through the territory of Member States of designated persons;
- Entering into trade with a third country that is prohibited or restricted by EU restrictive measures.
- Trade in goods or services whose importation, exportation, sale, purchase, transfer, transit or transportation is prohibited or restricted.
- Offer prohibited or restricted financial activities.Also
- Providing other prohibited or restricted services, such as legal advisory services, fiduciary services, or tax consulting services.
〇Violations include circumvention of EU restrictions.: This means circumventing or attempting to circumvent restrictions by concealing funds or the fact that an individual is the ultimate owner of the funds.
Common Basic Standards for Penalties: Depending on the offense, an individual could be sentenced to up to at least five years in prison. A company may be fined not less than his 5% of the worldwide turnover of the legal entity (company) in the financial year preceding the fine determination.
European Commission proposals must pass the European Parliament and the Council before they can be adopted.
