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FR - Reinforcement of the asset-freezing system

14/01/2021

On 4 November 2020, Order 2020-1342 was published, reinforcing the system for freezing assets and prohibiting their use.

This order introduces a mechanism for the prompt implementation of designations adopted by the United Nations Security Council. It aligns the obligation to apply national asset freezing measures with the perimeter of European freezing measures. It extends the mandate of the supervisory authorities of the professions subject to anti-money laundering and counter-financing of terrorism (AML/CFT) obligations to include compliance with the obligations of the European regulations on asset-freezing and specifies the sanctions in the event of non-compliance. It also facilitates access by officials of the State services responsible for implementing asset-freezing measures to the files held by the tax authorities to ensure the identification of assets and resources to be frozen.

 

Head of Knowledge Management Strategy and Market Infrastructure - SGSS
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