Embargo, foreign trade, money laundering

Embargoes and sanctions are restrictions on foreign trade imposed for foreign policy or security reasons. They restrict or prohibit actions and legal transactions against a particular country or certain companies, persons or organizations.

Violations of such regulations are subject to fines and penalties and are prosecuted by the relevant public prosecutors or administrative authorities. Those personally responsible face severe penalties or fines, and the latter may also be imposed on companies.

In addition, larger companies in particular expect their business partners to have appropriate policies and procedures in place to prevent violations.

Practical questions often arise in this context, such as the extent to which sanctions lists should be checked - all business partners, including direct and indirect shareholders? - and what contractual arrangements should be made with business partners to avoid liability.

Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement, or gambling, by converting it into a legitimate source. Terrorist financing is the provision or collection of financial resources for the purpose of establishing or promoting a terrorist organization or committing a serious crime that endangers the state.

Many companies and individuals are required to take preventive measures. The aim is to identify assets of illegal origin and prevent them from entering the legal economy. The Money Laundering Act (GwG) sets out requirements not only for the prevention of money laundering, but also for the prevention of terrorist financing. For example, banks and insurance companies, as well as real estate agents, casinos and traders, are required to identify their business partners. They must report suspicious transactions or business relationships to the Central Financial Transaction Investigation Unit (FIU).

Under Section 261(1) of the Criminal Code, money laundering is punishable by up to five years' imprisonment. In addition, violations of the provisions of the GwG are punishable by fines, both for the individuals responsible and for the companies. The imposition of heavy fines, even in the millions, is no longer a rarity. With CCI-LEGAL you have a partner at your side with extensive experience in various industries and a clear awareness of the fact that requirements must not only be explicit and understandable, but also checked for feasibility and appropriateness.

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