Luxembourg Financial Intelligence Unit Discloses Information On Sanctions

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The Luxembourg Financial Intelligence Unit's 2023 report highlights increased sanctions enforcement: 160 suspicious activity reports, EUR 46 million blocked, and heightened collaboration with the Ministry of Finance following sanctions against Russia.

United Kingdom International Law

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160 reports on suspicion of evading sanctions were received by CRF in 2023;
2 information requests related to sanctions evasion were sent by CRF in 2022 and 13 – in 2023;
EUR 46m was blocked in 2023 in 2 sanctions evasion cases;
30 declarations related to sanctions evasion were submitted in 2023;
7 reports on violation of professional obligations related to sanctions were submitted in 2023.

The Annual report also states that after the restrictive measures against Russia entered into force, there have been a sharp increase in communication and exchanges between the CRF and the Ministry of Finance of Luxembourg.

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Gherson lawyers can help you to navigate the complexity of sanctions legislation and ensure your full compliance with it. We can assist in developing your company compliance policies, including sanction policies and deliver training to your employees, both in the UK or overseas.

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