On Friday France’s National Anti-Terrorism Prosecutor’s Office applied to the Paris court to have charges of terrorist financing, and breach of the relevant EU sanctions heard against Lafarge Holcim and nine individuals.
This criminal trial would go ahead before the trial of Lafarge on allegations of crimes against humanity after the Court of Cassation ruled last month that those charges should proceed.
For our earlier posts on the Lafarge matter see here.
The Prudential Control and Resolution Authority has announced a reprimand and a fine of €600,000 on the firm Mutuelle de Poitiers for failures in its internal compliance program in relation to sanctions.
The failures related not only to delays in detecting designated persons, but in reporting to the ACPR.
It has been reported that the French authorities have arrested a prominent Russian oligarch on suspicion of various offences including sanctions offences.
Searches were conducted in Paris and in the south of France.
Further to our earlier posts (here, here, and here) regarding an investigation into whether cement company Lafarge-Holcim breached EU sanctions by making payments to designated persons, it has been announced that the charges relating to financing of terrorism breaches are being discontinued.
The charges relating to crimes against humanity continue.
In October 2022 Lafarge-Holcim had plead guilty to related charges before the US Department of Justice and agreed to pay $778 million.
It has been reported today that the French authorities currently have 17 ongoing sanctions investigations targeting designated persons under the EU’s Russian sanctions.
The same report noted the ongoing French efforts to freeze and seize property assets of designated persons.
The French Ministry of Finance has today announced an investigation into the sanctions compliance practices of estate agencies in the region of Alpes-Maritimes.
A preliminary investigation is said to have revealed that 60% were not conducting sanctions screening.
It was reported today that the Paris Court has dropped charges against Nexa Technologies, and four of its management, in relation to the sales of surveillance equipment to Egypt.
We had earlier reported on the commencement of the investigation.
The French authorities have seized the cargo ship, Baltic Leader, claimed to be owned by sanctioned Russian bank Promsvyazbank.
The vessel was headed to Russian but seized in the channel.
The French Council of State has today dismissed the appeal by Banque Postale against the fine of €50m imposed by the regulator, the ACPR.
The fine was imposed for EU sanctions compliance failings which had permitted designated persons subject to asset freezes to still transfer funds through the use of “money orders”.
This is the largest fine imposed by the French authorities.
See our earlier post in relation to the original fine.
The Sanctions Commission of the French Banking Regulator (the ACPR) has published its decision from disciplinary proceedings against Raguram International.
Between 2015 and 2017, Raguram had failed to conduct KYC on its customers and failed to incorporate the lists of Eu sanctioned persons into its systems and controls framework.
At the time Raguram had not recognised that its controls environment was defective, but it had subsequently implemented stricter policies and procedures and purchased a compliance solution.
As a result of these steps no fine was imposed.
