How are they implemented?
What does “freezing measures” mean?
Freezing measures are the most common financial sanctions. They are directed against individuals and entities targeted by sanctions regimes and are intended to prevent them from financing their illegal practices.
In practical terms, freezing measures consist of two elements:
- on the one hand, the obligation to freeze the funds of these persons or entities ;
- On the other hand, a prohibition on making funds available to these persons or entities.
Who imposes the sanctions?
Regimes of sanctions applying in Belgium are imposed at various levels:
- At the international level, by the Security Council of United Nations;
- At the European level, by the European Union;
- At the national level, by the National Security Council (what is called the “national list of terrorism”) and the public authorities.
Several other countries also impose sanctions. Although these sanctions may have an impact on certain economic sectors in our country, they do not have the force of law in Belgium.
Who must comply with the financial sanctions and what are the expectations?
Everyone in Belgium must comply with the financial sanctions.
Financial sanctions include both obligations and prohibitions.
The main obligations are as follows:
- freezing the funds of persons or entities to whom freezing measures apply;
- Transmitting to the Treasury all information relating to the enforcement of financial sanctions, such as information relating to frozen funds or relating to the detection of any offences.
The main prohibitions are as follows:
- making funds available to persons or entities to whom freezing measures apply ;
- carrying out transactions contrary to the (financial) sanctions imposed.
The law provides for sanctions in the event of non-compliance with the financial sanctions.
What is the role of the General Administration of Treasury (FPS Finance)?
The General Administration of Treasury is responsible for administrative processing and monitoring compliance with financial sanctions. Therefore, the Treasury is among others responsible for the following tasks:
- answering questions relating to financial sanctions;
- examining cases of homonyms;
- granting authorisations to waive certain financial sanctions;
- processing applications to release or make available frozen funds;
- managing information on the implementation of financial sanctions in Belgium;
- monitoring and enforcing compliance with financial sanctions.
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A question about the financial sanctions?
You can get in touch with the Treasury to communicate information or ask questions via the e-mail address quesfinvragen.tf@minfin.fed.be.