Act 1977
Sanctions Act 1977
Sanctiewet 1977
Issued by Autoriteit Financiële Markten
Effective: 1 May 1980
Last amended: 1 Mar 2025
Plain-English summary
Sanctions Act 1977 (Sanctiewet 1977) forms the basis of the Dutch legislation, thus enabling the country to impose mandatory national, European Union (EU), and UN global sanctions. The act stipulates that all companies, banks, and financial institutions must monitor their clients and stop any transactions that involve the flow of prohibited assets. However, the complexity of international transactions makes it impossible for the archaic legislation to cover any current evasion schemes, which is why the government plans to repeal the law. The entire legislation will be replaced by the modernized International Sanctions Measures Act (Wet internationale sanctiemaatregelen, or WIS). The new legislation is currently undergoing a scrutiny process in the House of Representatives. This change will put the regulation enforcement on lawyers and accountants to a great extent.
Who it applies to
Banking · Insurance · Capital Markets
Topics
AML / CFT / Sanctions Trade Controls & Export Compliance
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