EU approves new sanction violation rules that include measures for freezing crypto assets
European Union lawmakers have approved new rules to crack down on sanctions violations, including those involving cryptocurrencies.
“We need this legislation because diverging national approaches have created weaknesses and loopholes, and it will allow for frozen assets to be confiscated,” Dutch MEP Sophie in ’t Veld said in a statement.
Stronger punishments for violations
The new directive sets out stronger punishments for violating or circumventing sanctions. The new laws make sanctions transgressions criminal offenses carrying prison sentences of a maximum of five years in all member states.
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