The recent Danske bank scandal, particularly the activities of its Latvian branch, has made European Union to take concrete actions. On 10 December 2018, EU foreign ministers discussed a Dutch proposal for an EU law similar to a Magnitsky Act, although it is not proposed that it would be named after the Russian lawyer.
The global Magnitsky Act is a global act which is not after Russia but it blocks the Property of Persons Involved in Serious Human Rights Abuse or Corruption. It imposes visa sanctions and asset freezes on human rights violators. U.S. has used global Magnitsky Act on individuals involved in killing of Jamal Khashoggi.
The Magnitsky Accountability Act was signed into law by then-President Barack Obama in December 2012, in response to human rights abuses against Russian lawyer and auditor Sergei Magnitsky. Russian authorities arrested Magnitsky in 2008 after he worked with investor William Browder, who had hired him to uncover massive tax fraud totalling $230m linked to people connected to the Kremlin.
Save the Date!
Are you doing business with Russia? Philip Sidney will conduct a workshop on 24th & 25th April 2019, hosted by Evofenedex on do’s and don’ts of doing business with Russia in relation to export controls. For registration please send your full name and position together with your company name to Jaap van Dijk.