Investigations, Board Member Liability, Sanctions at Skadden, Arps, Slate, Meagher & Flom LLP
🚨Client Alert: Criminal Penalties for Sanctions Violations - Update on #Germany and #France The EU has mandated its Member States to harmonize criminal penalties for sanctions violations. A long-overdue initiative. Germany has now published the draft legislation necessary to comply with the EU directive, while France's government is actively working on it. We delve into the imminent changes in both France and Germany in our client alert below. We also provide a detailed summary of the underlying EU Directive, offering you a comprehensive understanding of the new criminal law framework for sanctions violations effective within the EU from May next year. Stay ahead of the curve by reading our in-depth analysis attached. Eytan Fisch, Brian Egan, Pascal Bine, Margot Sève, Jonathan Benson, Wesley Lainé, Philipp Müller, Gregory Vianesi, Elsa Benchemhoun #Sanctions #Investigations #Compliance #France #Germany
Is this bringing the much needed clarity across the EU, or more avenues for grey areas?
Investigations, Board Member Liability, Sanctions at Skadden, Arps, Slate, Meagher & Flom LLP
3wFrom a German perspective, one striking aspect are the hefty corporate fines per violation (!) of up to EUR 40 million. While the idea of a German Corporate Liability Act (Verbandssanktionengesetz) increasingly resembles a whack-a-mole game, the EU is setting facts. Corporate liability is a major risk, also under German law. It is crucial for companies to responding properly to compliance incidents in order to mitigate penalty risks as much as possible.