Financial Sanctions – Page 27 – European Sanctions Enforcement

September 22, 2022January 11, 2024 by Mark Handley

Germany – Munich prosecutor investigates alleged sanctions breaches

It has been reported that the Munich state prosecutor has conducted comprehensive raids at the residence of a Russian citizen and four other suspects.

The Russian national is suspected of having recruited a security firm to observe properties in Upper Bavaria financially linked to him, and that the payments made to the firm were in breach of the asset freeze imposed on this designated person.

Also being investigated are the security firm and its staff.

The designated person has been named as Alisher Usmanov but this is a different investigation to the one we have separately reported.

September 22, 2022January 11, 2024 by Mark Handley

Germany – raids on property of designated person

The German authorities have conducted raids on properties in three states relating to an investigation into Alisher Usmanov, a designated person under the EU’s sanctions.

The investigation is said to relate to transactions conducted between 2017 and 2022.

August 31, 2022January 11, 2024 by Mark Handley

Netherlands – 30 month custodial sentence for breach of ISIS sanctions

The Rotterdam District Court has imposed a 30-month custodial sentence on an individual relating to a two-year period in which financial transfers of approximately $140,000 were made in breach of EU sanctions against ISIS and Al Qaeda.

The transfers were related to efforts to smuggle Dutch women who had travelled to Syria and Iraq to be part of ISIS out of that region and back to the Netherlands.

August 30, 2022March 15, 2024 by Mark Handley

UK – OFSI’s annual report for 2021-2022

OFSI has published its Annual Report for 2021-2022, top include the period up to the end of August 2022.

The report makes interesting reading on licencing and on the plans to grow OFSI’s head count to more than 100 staff.

The report notes that OFSI received 147 reports of suspected sanctions breaches, with a “significant” increase since the full-scale invasion of Ukraine.

August 12, 2022February 22, 2024 by Mark Handley

Luxembourg – regulator fines bank for sanctions compliance failings

The Luxembourg financial services regulator, the CSSF, has today imposed a a fine of €145,000 on Unzer Luxembourg SA for AML and sanctions compliance failings.

The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2020 and 2021, and noted that the lack of a fine took into consideration the bank’s efforts at remediation.

August 3, 2022February 22, 2024 by Mark Handley

Luxembourg – regulator reprimands but does not fine for sanctions failings

The Luxembourg financial services regulator, the CSSF, has today imposed a reprimand on Banque J Safra Sarasin (Luxembourg) SA for AML and sanctions compliance failings.

The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2019, and noted that the lack of a fine took into consideration the bank’s efforts at remediation.

August 1, 2022March 19, 2024 by Mark Handley

Latvia – person arrested and charged on suspicion of breaching Russian sanctions

The Latvian Intelligence Services (VDD) has announced the arrest and charge of an individual on suspicion of breaching the EU’s sanctions against Russia.

As well as other offences, the sanctions breach is said to relate to cooperation “with a person included in the EU sanctions list”

July 30, 2022January 11, 2024 by Mark Handley

UK – ten arrests by the National Crime Agency for sanctions evasion

It has been reported that the National Crime Agency has confirmed the arrests of 10 individuals suspected of helping designated persons evade sanctions.

The arrests are said to include lawyers, solicitors and other regulated professionals.

The same reports have noted the use of the art market as an avenue being used to evade asset freezes.

July 26, 2022February 22, 2024 by Mark Handley

Luxembourg – regulator fines banks for AML and sanctions failings

The Luxembourg financial services regulator, the CSSF, has today fined BEMO Europe Banque Privée SA €356,000 for AML and sanctions compliance failings.

The penalty notice noted that the failings, including in sanctions screening, were identified as part of an on-site inspection in 2020, and noted that the size of the fine took into consideration the bank’s efforts at remediation.

June 28, 2022January 11, 2024 by Mark Handley

Netherlands – 18 month sentence for exports to Iran

The Dutch Supreme Court has denied an appeal against an 18-month custodial sentence against an individual for his role in seven exports of goods to the National Iranian Gas Company which is a designated person under the EU’s sanctions.

The shipments were made via Turkey or Dubai and the defence argued in the appeal that this was not “indirectly” making economic resources available to a designated person. The Supreme Court disagreed.