Sanctioned persons could face prison sentences of up to a year if they fail to disclose the whereabouts of assets, under a proposed new law recently considered by Germany’s parliament, the Bundestag.
Implementation of the Sanktionsdurchsetzungsgesetz (The Sanctions Enforcement Act) would see the creation of new powers for government agencies, enabling them to, for example, seize assets pending conclusive clarification of their ownership.
In addition, sanctioned persons who fail to disclo...
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