- Does France have a sanctions regime in place?
Yes.
- Does France implement UN sanctions?
Yes. France is a member of the European Union, which implements UN sanctions in all member states by way of directly effective regulations.
- Does France implement an autonomous sanctions regime?
Economic and financial sanctions are an instrument of France’s foreign policy. They are designed to prohibit, restrict or constrain trade in targeted goods, technology and services and may include measures to freeze assets of persons linked to the country. (https://www.tresor.economie.gouv.fr/Ressources/sanctionsfinancieres-internationales)
Yes. France can freeze assets belonging to persons within its territory pursuant to the Monetary and Financial Code (Articles L.561 and L.562) (“the Code”).
The Code entitles the Minister to order the freezing of some or all of any funds, financial instruments and economic resources belonging to:
- individuals or legal entities who commit, or attempt to commit, terrorist acts, or who facilitate or participate in such acts (as defined in paragraph 4 of Article 1 of Council Regulation (EC) No. 2580/2001)
-
legal entities directly or indirectly controlled by such individuals (within the meaning of paragraphs 5 and 6 of the aforementioned Article 1 of Council Regulation (EC) No. 2580/2001) (L.562‑2 of the Code)
-
individuals, legal entities or organizations which have committed, or commit, or which, on account of their functions, are likely to commit, a breach of UN or EU sanctions, or which facilitate or participate in such acts
-
legal entities directly or indirectly controlled by such individuals (L.562-2 of the Code)
The income produced by the aforementioned funds, instruments and resources shall also be frozen.
Council Regulation (EC) No. 2580/2001:
http://eur-lex.europa.eu/legal-content/ENTXT/HTML/?uri=CELEX:32001R2580&from=EN
Monetary and Financial Code (in French):
https://www.legifrance.gouv.fr/affichCode.do?cidTexte=LEGITEXT00006072026&dateTexte=20170830
- What is the nature of the sanctions regime in France?
France follows the restrictive measures laid down by the UN, the EU and other international organizations which are binding on France, as well as measures introduced autonomously. Autonomous sanctions measures include financial measures, in particular the freezing of assets in France.
- Who are the relevant regulators in France and what are their contact details?