The European Commission proposal sets out common EU rules to facilitate the investigation, prosecution and punishment of sanctions violations in all member states.
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The European Commission has tightened sanctions provisions. There is a conclusion
As the European Commission points out, the adoption of subsequent sanctions packages after the Russian attack on Ukraine made European member states and institutions realize this How difficult it is to trace the assets of the oligarchwho hide them in different jurisdictions with complex legal and financial structures.
Regulations proposed by the Authority It aims to establish the same level of sanctions in all member states, thus closing existing legal loopholes and “increasing the deterrent effect on EU sanctions violations”.
gKey elements of the legislative proposal include:
- List of offenses that violate EU sanctions (providing funds or economic resources to a specified person, entity or body; not freezing such funds; allowing designated persons to enter the territory of a member state; enabling prohibited or restricted financial activities, etc..),
- List of fraud offenses (such as concealing funds or concealing the fact that a person is the ultimate owner of funds),
- General basic standards of punishment (depending on the offense, the individual should be punished with a maximum penalty of at least five years in prison; businesses can be fined no less than 5% of their annual gross turnover).
The proposal will now be debated by the European Parliament and the Council of the European Union.
Szynkowski vel Sęk: This is a step in a very good direction
Polish Minister for European Affairs Shimon Senkowski Phil Sock was asked by reporters in the House of Representatives on Wednesday about how the Polish government assesses the European Commission’s plans. He stressed that it was “a step in a very good direction”..
We assumed from the start that Russian assets should be confiscated. The Polish Prime Minister was one of the first, if not the first, to make such a request. So we support it from the very beginning. In any case, I also spoke about this to Commissioner (Justice Editor) Deidre Reynders, because this is an important topic for him personally. We exchanged comments on what more could be done, said the Minister for European Affairs.
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