Financial sanctions
Financial sanctions are restrictive measures taken against countries, persons or entities with the aim of putting an end to:
- violations of international peace and security, such as terrorism ;
- violations of human rights
- the destabilisation of sovereign states
- the proliferation of weapons of mass destruction.
They are often part of a larger regime of sanctions which also includes other restrictive measures such as for instance embargos on the import and export of some products (such as weapons, oil, technology) or limitations as regards visa or travel.
Financial sanctions include freezing measures, bans on investing in certain sectors, on granting loans or insurance, on financing the import or export of certain goods, etc.
Consolidated list of persons and entities subject to freezing measures
Most regimes of sanctions include a list of persons and entities to which freezing measures apply. Individuals or entities are regularly added to or removed from these lists. In order to keep an overview of all these persons and entities covered by the regimes of penalties applying in Belgium, the General Administration of Treasury maintains an up-to-date, consolidated list of these persons and entities, including national, European and international lists.
Although every effort is made to ensure that the consolidated list correctly reproduces all the relevant data of the adopted texts officially published in the Official Journal of the European Union, the General Administration of Treasury accepts no responsibility for any omissions of data or relevant errors, for any use of the database or the consolidated list. Only information published in the Official Journal of the European Union is authentic.
Type of financial sanctions
NATIONAL FINANCIAL SANCTIONS
Following the resolution from the Security Council of United Nations to freeze the funds and economic resources of persons and entities committing or participating in terrorist acts, Belgian authorities set up a national list of all these persons and entities to which freezing measures apply.
EUROPEAN FINANCIAL SANCTIONS
Most European financial sanctions applying in Belgium belong to the regimes of sanctions imposed by the European Union (EU).
The EU not only transposes the sanctions imposed by the Security Council of United Nations into European law, but also strengthens them often by taking additional measures. Besides, the EU also imposes sanctions on its own initiative.
INTERNATIONAL FINANCIAL SANCTIONS (UNITED NATIONS)
The Security Council of United Nations has passed many resolutions imposing sanctions on governments, persons or entities.
These UN sanctions are transposed into European law by the European Union, which make them immediately applicable in Belgium.
FINANCIAL SANCTIONS AND LEGISLATION CONCERNING THE PREVENTION OF THE USE OF THE FINANCIAL SYSTEM FOR THE PURPOSES OF MONEY LAUNDERING AND THE FINANCING OF PROLIFERATION OF WEAPONS OF MASS DESTRUCTION
All reporting entities must define and implement effective policies, procedures and internal control measures in order to comply with the binding provisions relating to financial embargoes.
Financial sanctions as regards the situation in Ukraine
Since the start of Russian invasion in Ukraine, the EU responded with a multitude of regimes of sanctions.
It is within this context that the General Administration of Treasury, and especially its Compliance department, plays a crucial role in the application of financial sanctions against Russia.
For every other type of sanctions against Russia, please consult the website of the FPS Foreign Affairs.
Homonymy, derogations and blocking statute
Cases of Homonymy
In the case of homonymy or almost identical names, the General Administration of Treasury can check that the person or entity is the one covered by the freezing measures in order to avoid any mistaken identity.
Derogations
The General Administration of Treasury can grant on request derogations from financial sanctions.
Blocking statute
The General Administration of Treasury is one of the authorities responsible for ensuring compliance with the obligations of the “Blocking Statute” of the Council Regulation (EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation adopted by a third country, in order to protect the European enterprises.
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A question about the financial sanctions?
You can get in touch with the Treasury to communicate information or ask questions via the e-mail address quesfinvragen.tf@minfin.fed.be.