Sanctions Act 1977 background

Pursuant to the Regulation on Supervision on the Sanctions Act 1977 (Regeling toezicht Sanctiewet 1977) financial institutions are required to implement measures within their administrative organisation and internal controls, in order to comply with the provisions of sanctions legislation. The Sanctions Act 1977 and Regulation on Supervision pursuant to the Sanctions Act 1977 are currently being modernised and will, in the future, be replaced by the International Sanctions Act (Wet Internationale Sanctiemaatregelen (WIS)).