On Friday 18 December, the European Commission published a Guidance Note on the implementation of certain provisions of Council Regulation (EU) 2020/1998 on restrictive measures to address serious human rights violations and abuses worldwide, which was adopted on 7 December (see EUROPE 12617/2).
The purpose of the Guidance Note is to answer questions related to implementation of the sanctions regime; it contains information on the scope and application of financial restrictions included in the regime. It also clarifies the responsibilities of the individuals who are required to comply with the regulation, and addresses concepts such as ownership and control, as well as how exemptions operate.
According to Mairead McGuinness, the Financial Services Commissioner, “for the first time, a new EU sanctions regime is accompanied by a Guidance Note, to ensure uniform implementation from the outset”.
The sanctions included in this Regulation include travel restrictions for private individuals and asset freezes for both individuals and business entities. Individuals and entities in the EU are also prohibited from making funds available, directly or indirectly, to individuals on the list.
There are currently no private individuals or business entities on the list.
The Guidance Note can be found at: http://bit.ly/34pRB0U (Original version in French by Camille-Cerise Gessant)