What are sanctions lists?
Sanctions lists or embargo lists are governmental lists that are issued in order to achieve a certain behavior. Certain business relationships with certain persons or organizations, or with regard to certain products, are sanctioned. Often there is no legal obligation to audit. Nevertheless, sanctions can be imposed if relevant business relationships are entered into.
The aim of the person/organization-related sanctions list check is to combat terrorism worldwide. The enactment of country/product-related sanctions lists usually has political or economic reasons. Therefore, different national laws order e.g.,
- Freeze funds and economic resources of suspected terrorist individuals and entities,
- not to make funds or other economic resources available to them, either directly or indirectly (prohibition of provision), and
- not to sell and export certain goods to certain persons, entities and bodies (arms embargo).
Violations of these provisions may, for example, constitute criminal offenses under §§ 17 et seq. AWG constitute.