EU: Export controls and sanctions | KPMG | GLOBAL

EU: Recent developments concerning export controls and sanctions

EU: Export controls and sanctions

Recent developments concerning export controls and sanctions in the European Union include the following.

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  • Dutch technology may have been used in weapons of mass destruction, thus heightening the importance of “know your customer” verification.
  • A criminal prosecution was announced in the Netherlands for alleged violations of Russia sanctions when a Dutch freight and logistics company shipped parts for radar systems from Malaysia to Russia via Schiphol airport.
  • The EU imposed an arms embargo and targeted sanctions on Venezuela.
  • The UK introduced a bill that, in light of “Brexit,” would allow the UK to maintain existing sanctions currently imposed through EU law.
  • The EU expanded its investment ban and the list of banned luxury goods for North Korea.
  • The EU renewed its legislation on Libya sanctions; accordingly, EU companies with direct/indirect interests in Libya need to act with caution when conducting business with Libyan persons or entities.

 

Read a November 2017 report prepared by the KPMG member firm in the Netherlands

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