EU Countries Are Discussing A Directorate To Monitor Application Of Sanctions
Establishment of a pan-European organization to oversee the implementation of EU sanctions is being discussed by authorities in Brussels. Mairead McGuinness, the European Commission’s commissioner for financial stability, made this announcement.
According to McGuinness in an interview with the Financial Times, EU sanctions are applied unevenly by member states because each member’s national authorities are responsible for enforcing them and not all members have a « strong infrastructure » to do so.
The European Commissioner stated that in this regard, authorities are looking at the idea of setting up a pan-European equivalent of the Office of Foreign Assets Control of the U.S. Treasury Department, which will be in charge of applying sanctions. Additionally, the EU might grant comparable authority to the future Anti-Money Laundering Authority (AMLA), which the EC aims to establish by 2024, as an alternative to the new organization.
« Anything that could facilitate application of sanctions by member states and where EU control and cooperation are evident would be advantageous. I would be in favor of taking a comprehensive approach to sanctions and their implementation, » McGuinness added.