EU mulls introducing sanctions enforcement agency

YEREVAN, July 4, /ARKA/. The European Union officials are discussing the creation of an EU-wide sanctions authority to oversee the implementation of sanctions, Finmarket,ru reported quoting Italian newspaper Il Sole 24 Ore.

Mairead McGuinness, financial services commissioner, said the European Union supports the introduction of an EU version of the Office of Foreign Assets Control (Ofac), the US Treasury agency that spearheads enforcement of its sanctions.

“Anything that would help member states implement [sanctions], and where we see European oversight and co-ordination . . . would be a plus,” said McGuinness, according to The Financial Times.

“The idea of having an overarching view of sanctions and their implementation is one I would support,” she said.

EU sanctions policy has been hindered by uneven enforcement. While the European Commission proposes any measures, which take force if approved by all EU capitals, their implementation falls to national authorities in the 27 member states.

McGuinness said the EU had made “extraordinary progress” in drafting the sanctions and co-ordinating them with international partners, and there was “strong implementation across 27 different ways of doing business”.

But she said: “In some countries there’s a strong infrastructure on sanctions implementation and others not so.” -0-