International economic sanctions
Are you engaged in International trade where countries like the US, Syria, Cuba, North-Korea are directly or indirectly involved, or if your goods/services are of strategic importance (nuclear, weapons, knowledge)?
Then you could run a risk regarding international sanctions laws and regulations.
Embargoes and sanctions can take a number of forms, but the most relevant types of sanctions for businesses are financial sanctions and trade sanctions, as international economic sanctions:
It is also broadly prohibited to engage in any activities the object or effect of which is to circumvent sanctions. As a consequence, companies should not structure transactions to avoid international sanctions.
Breach of financial or trade sanctions law can result in the commission of a criminal offence punishable by imprisonment, a very important financial punishment or both.
We can support you to become aware of this risk and subsequently adjust your processes to identify the sanction risks and make sure it is managed in a proper way.
Need further information? Looking for solutions? Contact us.
Then you could run a risk regarding international sanctions laws and regulations.
Embargoes and sanctions can take a number of forms, but the most relevant types of sanctions for businesses are financial sanctions and trade sanctions, as international economic sanctions:
- Financial sanctions generally involve asset-freeze measures affecting the provision of funds and economic resources to certain entities or individuals ('designated persons'). They may also include restrictions on the use of assets by designated persons, receipt and transfers of funds to particular types of persons - for example, Syrian nationals - and prohibitions on the provision of financing or financial assistance connected to designated persons and prohibited transactions.
- Trade sanctions prohibit trade in certain goods from affected countries, usually arms and commodities such as oil, timber, gold and diamonds; and equipment for use in the nuclear, oil and gas or petrochemical sector. Activities related to such trade may be prohibited.
It is also broadly prohibited to engage in any activities the object or effect of which is to circumvent sanctions. As a consequence, companies should not structure transactions to avoid international sanctions.
Breach of financial or trade sanctions law can result in the commission of a criminal offence punishable by imprisonment, a very important financial punishment or both.
We can support you to become aware of this risk and subsequently adjust your processes to identify the sanction risks and make sure it is managed in a proper way.
Need further information? Looking for solutions? Contact us.
