Since the start of the Russian invasion of Ukraine, the Luxembourg Government has introduced an innovative and effective quantity of sanctions designations and has worked tirelessly to ensure that these sanctions are understood, implemented, and enforced, with diligence by colleagues across the financial sector.
This course will deliver a greater awareness of the current Luxembourg sanctions regime/ programs required to minimise the risk to those working within banks and financial service businesses in Luxembourg.
* Understand the summary of prohibitions based on the Luxembourg sanctions programme as regards to individual asset freeze for key political persons or sectoral sanctions, Terrorist list and other as regards to Russia and Belarus.
* Gain a greater awareness of the Luxembourg sanctions regime and the essentials as regards the process, how they are implemented in line with EU guidelines, and how often they are updated, and more importantly the Government surveillance of sanctions.
* We will examine the key differences between EU and UK sanctions since Brexit as regards Sanctions and the impact for institutions working and operating within UK jurisdiction.
* Gain a greater understanding as to the concerns of sanctions circumvention regarding the potential impact on institutions and individuals in regard to non-compliance, circumvention and enforcement.
1. In this session we will focus on EU sanctions on Russia with our key focus being on sectoral sanctions, general licences. Sectoral financial and investment restrictions are in place in the Russia sanctions regime which restrict specified activities. These include restrictions on dealing with transferable securities or money-market instruments and granting or entering arrangements to grant loans or credit. As well as sanctioned defence sector organisations and banned the export of critical technologies – paralysing Russia's military-industrial development for years to come. We will examine the impact of sectoral sanctions in detail.
2. We will examine the role of Luxembourg Regulatory Authorities in charge of implementing and enforcing sanctions rules is currently publishing general licences to allow for certain wind-down and certain other limited activities for a short period of time despite the designated status of various banks and credit institutions.
3. In this session we will examine the EU/Luxembourg sanctions on Belarus with key focus on sectoral sanctions, general licences. Sectoral financial and investment restrictions are in place in the Belorussian sanctions regime which are specified activities. For example: Prohibitions on the import of iron and steel products, which are consigned from or originate in Belarus. Prohibitions on the provision of technical assistance, financial services, funds and brokering services relating to import of potash, iron, and steel products.
4. Russian aggression in Ukraine is enabled by the elites who control Russia’s economic interests. The EU, US.UK and other allies are targeting those elites with unprecedented sanctions: From case studies identified through financial intelligence and other sources, some Designated Persons (DPs) are using a range of techniques to evade sanctions impacting on their personal and commercial holdings. While this behaviour has generally occurred prior to sanctions being imposed on the DP, it is also happening shortly afterwards. While there has been coordination between sanctions designation and implementation authorities such as the EU, the US Office of Foreign Asset Control (OFAC) and UK HM Treasury’s Office of Financial Sanctions Implementation (HMT OFSI), differing timescales in designating individuals between jurisdictions created opportunities for DPs to facilitate the movement of funds/assets. We will identify and discuss the methodologies that Designated Persons are using, such as associates, including family members and close contacts, via enablers to Transfer assets, divest investments to protect ownership stakes.
5. We will review the need for the EU to prioritize implementing the wide range of sanctions consistently and effectively, and why the EU must prioritize implementation and close third-country loopholes in line with the EU Council's adoption of a tenth package of hard-hitting sanctions against Russia for its aggression against Ukraine, the Commission and member countries need to diligently review and audit the extent to which sanctions packages to-date are being implemented, and where challenges are identified, make sure to log and urgently address them.
Financial Sanctions Officers, Sanctions Compliance Officers, Analysis and Reporting Officers from AML/KYC Office, AML Investigations, Financial Crime Reporting and Intelligence units.
The training material will be handed out at the beginning of the course.