Skip to main content
European Commission logo
enen
Strategy and policy
Reform Support

Effective implementation of the sanctions regime and enhanced cross-border cooperation in EU Member States

Supporting reforms to develop well-regulated, stable and competitive financial markets

Funding Programme
Year
  • 2023

Effective implementation of the sanctions regime and enhanced cross-border cooperation in EU Member States

Context

The European Commission supports Cyprus, the Czech Republic, Hungary, Lithuania, Malta, Slovenia, Spain and indirectly other EU Member States, in the implementation of the EU restrictive measures. The project begun on 1 September 2023 and will last for 24 months.

Support to be delivered

The project seeks to contribute to:

  • Enhancing the capacities of relevant authorities to identify directly or indirectly designated legal persons or entities.
  • Strengthening the capacities of relevant authorities to access and exchange information at national and international level and with business operators. 

Areas of specific focus include a mapping of the legal framework, national institutional setup and cooperation procedures, as well as the organisation, powers and resources of National Competent Authorities (NCAs) in EU Member States regarding freezing of assets.

Furthermore, the project will produce several reviews and analysis documents, such as the review of the NCAs good practices and powers in terms of freezing of assets, the analysis of beneficiary NCA’s good practices and powers in terms of cross-border and national sharing and access to information, as well as the review of procedures, good practices and challenges in examination of queries posed by EU business operators for verification of identity of designated persons and entities. 

Finally, the project will contribute to the development of guidelines for beneficiary NCAs to further enhance exchange of information with other NCAs and business operators, and it will organise a number of trainings and awareness-raising workshops on effective and harmonised implementation of EU restrictive measures.

Expected Results

It is expected that after implementation of the project the authorities will have (1) enhanced capacities to identify directly or indirectly designated legal persons or entities, and (2) strengthened capacities to access and exchange information at national and international level and with business operators.