Action against unlawful extraterritorial application of unilateral measures by third countries | European Commission (sanctions law, FATCA)

In a press release of 19 January the European Commission announces it will take action against unlawful extraterritorial application of unilateral measures by third countries:

Further developing EU financial market infrastructures and improving their resilience, including towards the extraterritorial application of sanctions by third countries. The Commission, in cooperation with the ECB and the European Supervisory Authorities (ESAs), will engage with financial-market infrastructure companies to carry out a thorough analysis of their vulnerabilities as regards the unlawful extraterritorial application of unilateral measures by third countries and take action to address such vulnerabilities. The Commission will also establish a working group to assess possible technical issues related to the transfer of financial contracts denominated in euro or other EU currencies cleared outside the EU to central counterparties located in the EU. In addition to this, the Commission will explore ways to ensure the uninterrupted flow of essential financial services, including payments, with EU entities or persons targeted by the extra-territorial application of third-country unilateral sanctions.

I suggest that the European Commission will include FATCA and the unlawful American practices regarding ‘Citizen Based Taxation’ in their actions. European citizens need that protection because banks are refusing services to them.

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten,, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ||| Weblogs: algemeen: || modernisering ondernemingsrecht: ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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