The European Union plans to impose targeted sanctions on several individuals in Eritrea for their alleged role in human rights abuses and atrocities in northern Ethiopia. Even though the details of the sanction regime are not public yet, there are indications that the European Commission shall soon present a proposal to member states to discuss the framework for the sanctions against the violation of human rights.
Both the European Union and the United States have recently called on Eritrean troops to leave Ethiopia’s embattled Tigray region after reports of looting, sexual violence, assaults in refugee camps and other human rights abuses. The U.S. has urged Europe to increase pressure on Ethiopia and Eritrea to de-escalate the conflict.
Why is this important for your organisation?
Breaching sanctions regulations may result in civil, criminal and regulatory liability, resulting in substantial fines and reputational damage. Organisations should assess their business’s nature, the types of product and services they offer, their supply chains and the jurisdictions they operate to devise an appropriate compliance framework.
- Strengthen your firm’s internal control framework to mitigate sanctions risks.
- Implement a robust due diligence and sanctions screening system sensitive to the level of risk to which your organisation is exposed.
- Implement clear sanctions escalation procedures within your organisation to help identify and resolve sanctions issues that do arise.
- Promote a culture of compliance amongst your staff and your business partners.
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