Artikel: Straatsburg als hoeder van het EU-recht

Het Europees Hof voor de Rechten van de Mens oordeelt steeds vaker tot een schending van het EVRM wegens het niet of onjuist naleven van EU-recht door organen van EU-lidstaten, met name door de nationale rechter en wetgever. In deze bijdrage wordt een selectie van deze uitspraken besproken en wordt, vanuit het EU-recht bezien, gereflecteerd op de voor- en nadelen en risico’s van dit Straatsburgs hoederschap.

Read More
Print Friendly and PDF ^

Sanctions: the law, enforcement and the right response

There is little doubt that the issue of sanctions has come to increasing prominence in the wake of Russia’s 2022 invasion of Ukraine. As a result, the sanctions landscape has undergone change, with increased enforcement activity. As sanctions can have legal, commercial and reputational implications for financial institutions, corporates and other entities and individuals, anyone that is affected by sanctions has to make sure they devise and undertake the most appropriate response.

Read More
Print Friendly and PDF ^

Medeplegersboete voor belastingadviseur: typisch iets voor het bestuursrecht

A-G Pauwels heeft onlangs conclusies genomen in cassatieberoepen die medeplegersboetes betreffen. De conclusies riepen twee vragen op. Hoe kan het al dan niet voldaan zijn aan het toestemmingsvereiste worden gewogen bij de beoordeling van de rechtmatigheid van de boete? En hoe kan de inspecteur tot het bewijs komen dat sprake is van opzettelijk of grofschuldig medeplegen door een belastingadviseur?

Read More
Print Friendly and PDF ^

Moving targets: how designated individuals manage to put their estate out of the reach of sanctions

Since the outbreak of the war in Ukraine, many Russian oligarchs have been targeted by European and U.S. sanctions. Both regimes create similar obligations, but do not have the same reach. For historical reasons, European asset freeze measures extend to assets or entities that are controlled by designated persons.  U.S. authorities have taken a pragmatic stance with a clear-cut 50%-ownership rule to extend asset freeze. The responsibility of identifying concealed assets is therefore shared: authorities gather intelligence on potential control and operators may rely on registered ownership. It avoids the burden of assessing the control. The latter notion, subjective by nature, creates a real challenge for European operators to identify such assets within complex structures over numerous jurisdictions – oligarchs have mastered the science of concealing their assets over the recent years. Luckily, some tools and data are available to help compliance officers with these tasks.

Read More
Print Friendly and PDF ^

Artikel: A Framework for Effective EU Sanctions Compliance Programs

Companies in the European Union ("EU”) stand at the forefront of implementing EU restrictive measures (broadly speaking, sanctions) and are the first line of defence against those trying to evade or circumvent them. Although entities subject to EU law (EU operators) have borne that responsibility ever since the EU began to adopt sanctions, the measures introduced following Russia’s full-scale invasion of Ukraine and the complexities of today’s tumultuous world have significantly increased that burden. Today, EU operators must navigate a dynamic sanctions environment fraught with heightened legal and reputational risks. However, until recently, they have largely been left on their own to accomplish this challenging task. Nearly twenty years after the publication of the first guidance on EU sanctions implementation, the EU has yet to articulate a common holistic view on sanctions compliance expectations for the private sector.

Read More
Print Friendly and PDF ^

Artikel: Sanctions Compliance Programs for the Fintech Sector

The financial technology, or "fintech" sector has grown dramatically in recent years. The number of new fintechs increased by more than 70% globally between 2019 and 2020 as the COVID-19 pandemic hastened technology adoption.  With this rapid rise in technological innovation, sanctions compliance officers are encountering novel challenges which are exacerbated both by 1) the inherent features of fintech solutions, such as reduced customer friction, seemingly borderless payments, and a reliance on a complex network of underlying financial partners; and 2) an increasingly unstable geopolitical climate that has resulted in ramped up complex sanctions and unique sanctions evasion techniques.  With this in mind, sanctions compliance officers in the fintech sector may be wondering how to develop and maintain a purpose-built sanctions compliance program tailored to their unique risk profile.  We share below some best practices for fintech sanctions compliance programs, leveraging our experience working with fintech firms across the world and guidance documents published by various authorities namely the U.S. Office of Foreign Assets Control’s ("OFAC") Framework for Compliance Commitments. This article’s goal is to help compliance professions in fintech firms globally build or improve their sanctions compliance set-up.

Read More
Print Friendly and PDF ^

Artikel: Brothers in EU Arms Export Controls?

In July 2023 the Dutch government announced its intention to join the multilateral Agreement on the Control of Arms Exports between France, Germany, and Spain. The letter carrying the announcement simultaneously repealed the existing Dutch presumption of denial policy regarding arms exports to Saudi-Arabia, Turkey, and the United Arab Emirates. This article analyses these developments within the broader framework of the Netherlands and EU arms export controls. Its aim is to introduce the readers to challenges facing EU arms export controls, to explain the reasoning behind the Netherlands’ decision to join the agreement, and to describe some of the potential practical implications for the Dutch defence and security sector. The article finds that while the EU has been working towards a common European approach to arms export controls for over three decades, the EU Common Position (1st introduced in 2008) did not achieve the desired convergence on arms export policies.

Read More
Print Friendly and PDF ^

Artikel: Tackling increased measures restricting finance and trade - taking lessons from the AML regulated sector

One of the most significant impacts for businesses of the Russian invasion of Ukraine in 2022 was the expansion of the sanctions (financial and trade) and export controls regimes of the US, EU, UK, and other Western states.  This expansion included the imposition of restrictions on products and services which historically had never been particularly restricted. The subsequent enforcement risk has greatly complicated companies' ability to conduct international business.

Read More
Print Friendly and PDF ^

Artikel: De Tijdelijke wet transparantie turboliquidatie

De Tijdelijke wet transparantie turboliquidatie (hierna: Wet) wijzigt Boek 2 BW, de Faillissementswet en de Wet op de economische delicten met betrekking tot de turboliquidatie. Dit is een tijdelijke regeling voor twee jaar. De Wet behelst evenwel de optie om de maatregelen uit deze wet na ommekeer van deze twee jaar permanent in te voeren. De Wet vergroot de transparantie bij turboliquidatie. Hiermee wil de regering misbruik bij beëindiging van rechtspersonen via turboliquidatie voorkomen. Dit vooral in die gevallen waarin de rechtspersoon ophoudt te bestaan met achterlating van schulden.

Read More
Print Friendly and PDF ^

Hoe herken je corruptie en omkoping?

Advocaten kunnen in hun praktijk te maken krijgen met cliënten die hun dienstverlening proberen te misbruiken voor het witwassen van bijvoorbeeld met omkoping verkregen gelden. In hun rol als poortwachter, met het oog op de meldplicht van ongebruikelijke transacties, is het voor advocaten van belang om corruptie en omkoping te herkennen.

Read More
Print Friendly and PDF ^