Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

EU, EU/Europe, Financial Crime, Sanctions

LATEST: Germany moves to seize €720M from Russian financial institution after attempt to breach sanctions detected

SEIZURE: In a statement, the federal office of the public prosecutor said it had filed a motion before a court in Frankfurt on July 7 this year requesting “independent confiscation proceedings” with regard to more than €720mn deposited by a Russian financial institution in a Frankfurt bank account. Image shows the city of Frankfurt. 

By Alisha Houlihan for AMLi

German prosecutors have initiated legal proceedings to seize more than €720M held in the Frankfurt bank account of a sanctioned Russian financial institution

It marks the first time that Germany has taken steps to outright confiscate Russian assets, as opposed to merely freezing them.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!