Financial Intelligence Unit (FIU) Latvia’s Post

In the newest issue of The Legal Industry Reviews, a few words of commentary by Aleksandra Pliszek and myself on the new sanction legislation and its implementation in Poland. I am curious to see whether the necessity to introduce legislation on the liability of legal persons will result in accelerating the reform of the Polish Act on the criminal liability of legal persons that has been announced for so long.

We are pleased to share an insightful article featured in the latest edition of The Legal Industry Reviews focusing on the critical topic of EU sanctions. 🚩As the European Union continues to navigate complex geopolitical landscapes and adopt new provisions related to the imposition of sanctions, understanding how sanction-related measures are applied at the national level is essential for legal professionals and businesses alike. 🚩Authored by Maria Szczepańska and Aleksandra Pliszek (both members of our White-Collar Crime practice), the article addresses potential implications, within the Polish legal and business frameworks, of a new EU directive that establishes the rules that should be applied when prosecuting a violation or circumvention of EU sanctions. 🚩If you want to stay updated and understand the current intersection of EU law and national implementation in the context of sanctions, this is a must-read! 🔗 Read full article here (pp. 30-31): https://lnkd.in/d28Y-cBN #RymarzZdortMaruta #LegalInsights #EULaw #WhiteCollarCrime #LegalInternationalReviews #Sanctions #Compliance

On 16 April 2022 the Polish Sanctions Act entered into force. It introduced criminal provisions regarding the violation of the restrictive measures, including the ones imposed in the EU. As of 27 June 2024, the prosecutor office in Poland initiated 227 cases with regard to the crimes specified in the above-mentioned act. Only seven of them have been concluded by referring the indictment to court with a request for a conviction. Meanwhile, on 24 April 2024 the Directive (EU) 2024/1226 was adopted. Its aim is to unify the applicable rules concerning the definition of criminal offences and penalties for the violation of the restrictive measures. Its introduction will most likely require an amendment to the Polish Sanctions Act as well as any other applicable acts such as the Polish Act on the criminal liability of legal persons. Please find a few words of commentary by Maria Szczepańska and myself on the above topics in the newest issue of The Legal Industry Reviews.

🇬🇧 - 🇷🇺 Preventing Russia from accessing UK legal expertise. The British Solicitors Regulation Authority (SRA) has reported two law firms to the Office of Financial Sanctions Implementation (OFSI), part of the Treasury, for breaching sanctions on Russia. The law firms in both cases were allegedly facilitating transactions worth more than £300,000. On 29 June 2023, the UK prohibited the provision of legal advisory services in relation to financial or trade activity which would be prohibited under the UK Russia sanctions regime if the activity had the necessary links to the UK: https://lnkd.in/dsZpUWA2 On 23 July 2023, the Law Society of England and Wales raised its concerns directly to the UK Government stressing the impact on compliance advice issued by multinational law firms and global banks with in-house practitioners and asked the UK Government for a General License to address the immediate and most severe unintended consequences caused by the prohibition. On 11 August 2023, UK OFSI published a General Licence to permit the direct or indirect provision of legal advisory services in relation to compliance with certain laws or measures, including restrictive measures on or concerning Russia: https://lnkd.in/dyfsAvYh Source: https://lnkd.in/dmARqunn #uksanctions #ukofsi #UKSRA #Russia #Russiasanctions #Legalservices

The UK has (6 September 2024) enacted The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2024, amending The Russia (Sanctions) (EU Exit) Regulations 2019 (notice), to make it clear that the provision of legal advisory services, which may otherwise be restricted by regulation 54D of the Russia Regulations, are permitted on or in connection with compliance with global sanctions, Russian counter-sanctions and global criminal law. The amendment also clarifies that legal advisory services are permitted in relation to the application of punitive measures, as well as in relation to compliance with UK statutory or regulatory obligations. As a result of this amendment the Legal Advisory Services General Trade License, which was put in place to facilitate licensing of certain legal services, is no longer required and has been revoked. The UK guidance on Russia sanctions and providing professional and business services to a person connected with Russia has been updated to reflect the changes. #Sanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

On 24 June 2024, the EU introduced its 14th package of restrictive measures (Regulation 2024/1745). To protect EU operators, Regulation 2024/1745 introduced Articles 5ab, 11a, and 11b. Article 5ab prohibits transactions with entities filing claims in Russian courts under Article 248 of Russia’s Arbitrazh Procedure Code, with exceptions for essential activities and legal proceedings in EU member states like Cyprus. Article 11b provides a mechanism for EU companies to seek damages from entities benefiting from Presidential Decree No. 302. For a deeper understanding of these sanctions, their implications, and their limitations, especially for businesses in Cyprus, explore the full guide on our website. https://lnkd.in/dMYvr6HF #Sanctions #EURegulations #CyprusBusiness

TRUST#ITALY#CJEU#RUSSIA# very relevant !! The Court of Justice of the European Union (CJEU) is to decide on two crucial legal questions concerning the legal status of assets held in discretionary trusts where the beneficiary is designated under EU sanctions against Russia. https://lnkd.in/e7Ns33Rt

On April 24, 2024, the European Union adopted the Directive 2024/1226 on the definition of criminal offences and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673. The Directive requires Member States to establish minimum and similar rules concerning the definition of criminal offences and penalties for the violation of EU sanctions. This client alert dives into the characteristics of the Directive and illustrates the implications for member states. For more detail and to read the full client alert written by partners Elena Klonitskaya and Edoardo Zucchelli, counsel Mikhail Bychikhin, FCIArb and associate Ana Amador, please use the link below. #Sanctions #EUSanctions #SanctionViolations

The EU issued a directive that requires member states to criminalize sanctions violations. EU Directive 2024/1226, which will enter into force this month, requires EU member states to establish minimum rules concerning the definition of criminal offences and penalties for the violation of EU sanctions. It aims to ensure a common approach to investigations and prosecutions of sanctions violations across the EU territory. EU Member States will have until 20 May 2025 to domesticate the Directive into national law with appropriate penal sanctions. Read more at https://lnkd.in/e4Eppi-A

On April 12th, the EU Council passed a directive establishing EU-wide minimum standards for prosecuting breaches of EU sanctions. The legislation classifies several actions as criminal offenses, including aiding in evading travel bans, trading in sanctioned goods, or conducting prohibited financial operations. These breaches require effective, proportionate criminal penalties, with intentional violations mandating imprisonment as the maximum penalty. Legal entities are also liable, with possible sanctions including business disqualification and withdrawal of permits. The directive becomes effective 20 days after publication in the EU's Official Journal, and member states have one year to transpose these rules into national law. #eusanctions #eucrime #tradecompliance