Commission launches helpdesk to support EU SMEs comply with sanctions
The European Commission has launched a new one-stop-shop providing vital support to European small and medium-sized enterprises (SMEs) navigating the complex landscape of sanctions compliance.
The EU Sanctions Helpdesk will offer a comprehensive range of services designed to help SMEs comply with EU sanctions worldwide, reducing the risk of non-compliance, and associated costs. The EU has over 40 sanctions regimes globally.
The Helpdesk will provide personalised support to EU SMEs performing sanctions due diligence checks – at no cost to the companies. The Helpdesk will manage a dedicated website featuring sanctions-related information, country-specific guidance, events, tips, lessons learned, and more.
All UN and EU restrictive measures are to be covered by the Helpdesk, providing SMEs with the necessary information to manage the challenges of sanctions compliance with confidence. This can assist European operators in avoiding the loss of legitimate business opportunities due to uncertainties about their legality.
While there are instances where larger entities can benefit from support, the Helpdesk´s focus is on SMEs as they typically have fewer compliance resources than large companies.
The Helpdesk will work with partners including public authorities, business support stakeholders, financial institutions, and international sanctions and compliance organisations. Through these partnerships the Helpdesk will participate in joint outreach and awareness-raising activities, host and attend events, and deliver training sessions.
Background
EU restrictive measures (sanctions) are an essential tool in the EU’s common foreign and security policy. The EU now has over 40 sanctions regimes globally containing a wide range of restrictive measures, from targeted individual measures (e.g. asset freezes) to more comprehensive sectoral approaches (targeting finance, trade, energy, etc.). With increasing worldwide tensions, EU restrictive measures are expanding at a more rapid pace.
This complexity can generate risk aversion, which in some instances may lead to de-risking practices. As a result, compliance needs are soaring. The EU Sanctions Helpdesk aims to build compliance practices while combatting over-compliance, build confidence for financial and business partners and reduce compliance costs.