30 Nov 2020
The EU will take on powers to freeze assets and impose travel bans on individuals involved in human rights abuses from next month, after the bloc’s member states provisionally approved a European Magnitsky Act.
The restrictive measures – set to be formally signed off on Human Rights Day on 10 December, marking the 77th anniversary of the Universal Declaration of Human Rights – would target those involved in crimes ranging from genocide and torture to arbitrary arrests or detentions.
A leaked copy of the decision obtained by the Guardian says the legal act “establishes a framework for targeted restrictive measures to address serious human rights violations and abuses worldwide”.
The EU does not currently have the right to enforce travel bans on individuals as the competence lies with national governments, and its other sanction powers are geographically targeted.
The Dutch government initiated a discussion on the EU developing its own version of the US Magnitsky Act last November following a resolution from its parliament in The Hague.
The original US act signed by Barack Obama in 2012 was designed to target Russian officials deemed responsible for the death of the Russian tax lawyer Sergei Magnitsky.
Magnitsky was a Moscow lawyer and tax auditor hired to investigate a case of corruption in which a group of interior ministry officials managed to obtain a $230m rebate from the Russian state by fraudulently taking over three companies belonging to Hermitage Capital, an asset management firm.
The officials he accused had him arrested and thrown in jail, where he was beaten by prison guards. He died in custody in 2009 at the age of 37 after being refused medical treatment or family visits.
The European parliament has repeatedly called for the EU to adopt legislation similar to that enacted in the US to allow the bloc to target individuals irrespective of their nationality.
The eight members of the Nordic Council – Denmark, Finland, Iceland, Sweden, Norway, the Faroe Islands, Greenland, and Åland – had said they would adopt their own act if the EU failed to agree.
Latvia, Lithuania and Estonia, which border Russia, already have such legislation.
By Daniel Boffey, The Guardian, 27 November 2020
Read more at The Guardian
RiskScreen: Eliminating Financial Crime with Smart Technology
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet