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On 7 November 2016 the National Council of the Slovak Republic passed Act No. 289/2016 Coll. on the implementation of international sanctions and amending Act No. 566/2001 Coll. on securities and investment services and amending and supplementing certain acts (Securities Act) as amended (the "Act 289/2016"). Act No. 289/2016 came into force on 15 November 2016.
Act 289/2016 regulates the obligations of natural and legal persons when implementing international sanctions and the jurisdiction of the competent central bodies concerning offences related to the violation of sanctions. It lays down fundamental definitions, individual areas of the implementation of sanctions, derogations from the sanction regime, and the collection of information and data.
The implementation of international sanctions means restrictions for access by individual suspect of terrorist financing and supporting to the funds and property. It is an effective global tool in the fight against terrorism. The importance of these measures is growing along with the development of modern communication technology, options for the disposal of one's own property from practically anywhere in the world, and with the growing offer of services provided by banks and financial institutions.
Act 289/2016 sets a clear process for the implementation of international sanctions in the area of administrative forfeiture of the money and property of sanctioned persons. It lays down precisely the scope of powers and responsibilities of the competent public government authorities in the area of administrative seizure of the funds and property of sanctioned individuals. It also lays down the process of identification of natural and legal persons jeopardising international peace, security and fundamental human rights, and the method of their inclusion in and exclusion from the sanctions list. It accurately defines the circuit of individuals responsible for the implementation of international sanctions and the competent authorities of state administration, and their responsibilities and powers.
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