This blog has been live now for just over two months.
During that time and by way of recap, a number of states have provided updated enforcement statistics in that period (Finland, Switzerland, Latvia), but the period has also seen a significant volume of new enforcement activity:
Continue reading “European sanctions enforcement: the last two months”
It has been reported that the Danish Business Authority is currently investigating the Danish shipping company Hafnia for possible breaches of the EU’s Russian sanctions.
The allegations relate to the importation in October of 30 million litres of aviation fuel from a refinery in India which may be owned or controlled by designated persons.
Hafnia is reported to have denied the allegations and stated that it acts in full compliance with all relevant laws and regulations.
It has been reported today that the Danish authorities are investigating into possible breaches of the EU’s sanctions against Russia by the insulation maker Rockwool.
The investigation was instigated after media reporting of the use of Rockwool products in Russia between 2015 and 2020.
Two Danish companies have been convicted of exporting 177,000 tonnes of jet fuel to Syria in breach of the EU’s sanctions.
In total some 33 transactions took place between 2015 and 2017, with the exports routed through Russian companies bound for Syria.
The company Dan-Bunkering was fined DKK 30 million ($4.6m), with a further DKK 15 million of unlawful profits confiscated.
The parent company Bunker Holding was fined DKK 4 million.
The Dan Bunkering CEO was also convicted and given a four-month custodial sentence , suspended pending a one year probation period.
The Danish Financial Services Authority has today published its findings in relation to Danske Bank’s internal compliance function.
The findings included:
The Danish FSA finds that there is a risk that possible breaches of sanctions may not be detected by the bank’s sanctions screening because the bank does not have procedures in place for cooperation, including the exchange of information, between the units responsible for sanctions screening, customer due diligence data and transaction monitoring.
The Danish FSA also finds that there is a risk that possible breaches of sanctions may not be detected and escalated to the bank’s team of experts in the Sanctions & Embargo Team, who investigate possible breaches of sanctions, because the employees of the units of the bank who deal with customer due diligence data and transaction monitoring to prevent breaches of sanctions receive no training.
In addition, the Danish FSA finds that there is an increased risk of employee errors and abuse in the sanctions area because of matters relating to the bank’s internal controls in the sanctions area, including the fact that the four-eyes principle is not applied in connection with the screening of customers, the organisation of controls of manual processes for escalation as well as the organisational embedding of the Sanctions and Embargo Team in Group Compliance.
It has been reported today in the German press that the Danish authorities are investigating allegations that the Danish company Grundfos may have exported pump equipment and machinery for use in the Crimea in breach of the EU’s sanctions.
Denmark’s financial crimes unit on Wednesday announced charges against a Danish company suspected of violating EU sanctions on Syria by delivering large quantities of fuel to Russian warplanes there.
The 33 transactions, involving 172,000 tonnes of kerosene, carried out between 2015 and 2017, amounted to 647 million kroner (87 million euros, $102 million), according to the Danish State Prosecutor.
Danish media has reported the company as Dan-Bunkering. A holding company and the director of one of the companies involved are also being prosecuted.
