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LOCAL News

  • 3 Apr 2023 12:57 | Malta Institute of Accountants (Administrator)


    Restrictive Measures in order to insert Provisions on a Humanitarian Exemption

    Council Regulation (EU) 2023/720 of 31 March 2023 amending certain Council Regulations concerning restrictive measures in order to insert provisions on a humanitarian exemption

    The European Union is able to impose restrictive measures, including the freezing of funds and economic resources against designated natural or legal persons, entities and bodies. Council Regulations give effect to those measures.

    On 9 December 2022, the United Nations Security Council (UNSC) adopted United Nations Security Council Resolution (UNSCR) 2664 (2022). Paragraph 1 of that Resolution introduces an exemption from the sanctions in the form of asset freezes imposed by the Security Council or by its Sanctions Committees for humanitarian assistance and other activities that support basic human needs, applicable to certain actors. For the purposes of this Regulation, paragraph 1 of UNSCR 2664 (2022) is termed the ‘humanitarian exemption’.

    On 31 March 2023, Council Decision (CFSP) 2023/726 was adopted to give effect to UNSCR 2664 (2022) in Union law.

    UNSCR 2664 (2022) emphasizes that where the humanitarian exemption to the asset freeze measures conflicts with previous resolutions, it is to supersede such previous resolutions to the extent of such conflict. However, UNSCR 2664 (2022) clarifies that paragraph 1 of UNSC resolution 2615 (2021) remains in effect.

    The Council considers that the humanitarian exemption to the asset freeze measures pursuant to UNSCR 2664 (2022) should also apply in cases where the Union decides to adopt complementary measures concerning the freezing of funds and economic resources in addition to those decided by the UNSC or its Sanctions Committees.

    Council Regulations (EC) No 881/2002, (EC) No 1183/2005, (EU) No 267/2012, (EU) No 747/2014, (EU) 2015/735, (EU) 2016/1686, (EU) 2016/44, (EU) 2017/1509 and (EU) 2017/1770 have therefore been amended accordingly.

    Read more.

  • 3 Apr 2023 12:56 | Malta Institute of Accountants (Administrator)


    Ukraine Regime

    For the latest updates regarding sanctions specifically imposed under the Ukraine Territorial Integrity Regime, please follow this link.

    Council Implementing Regulation (EU) 2023/722 of 31 March 2023 implementing Regulation (EU) 2023/427 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine

    On 25 February 2023, the Council adopted Regulation (EU) 2023/427, which amended Council Regulation (EU) No 833/2014 and introduced further restrictive measures to suspend the broadcasting activities in the Union, or directed at the Union, of certain media outlets. Those outlets are set out in in Annex V to Regulation (EU) 2023/427. Pursuant to Article 1, point (20), of Regulation (EU) 2023/427, the applicability of such measures in respect of one or several of those media outlets is subject to the adoption of implementing acts by the Council.

    Having examined the respective cases, the Council has concluded that the restrictive measures referred to in in Article 2f of Regulation (EU) No 833/2014 should apply from 10 April 2023 in respect of the entities set out in Annex V to Regulation (EU) 2023/427.

    Read more.

  • 3 Apr 2023 12:52 | Malta Institute of Accountants (Administrator)


    Iraq Regime

    Commission Implementing Regulation (EU) 2023/723 of 30 March 2023 amending Council Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq

    Annex IV to Regulation (EC) No 1210/2003 lists natural and legal persons, bodies or entities associated with the regime of former President Saddam Hussein covered by the freezing of funds and economic resources and by a prohibition to make funds or economic resources available.

    On 27 March 2023, the Sanctions Committee of the United Nations Security Council decided to remove one natural person from the list of persons and entities to whom the assets freeze should apply.

    Annex IV to Regulation (EC) No 1210/2003 have therefore been amended accordingly.

    Read more.

  • 3 Apr 2023 12:49 | Malta Institute of Accountants (Administrator)


    Iran Regime

    Council Implementing Regulation (EU) 2023/721 of 31 March 2023 implementing Regulation (EU) No 359/2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Iran

    On 12 April 2011, the Council adopted Regulation (EU) No 359/2011.

    On the basis of a review of Council Decision 2011/235/CFSP, the Council has decided that the restrictive measures set out therein should be renewed until 13 April 2024.

    The entry concerning one person designated in Annex I to Regulation (EU) No 359/2011 should be removed from that Annex. The Council has also concluded that the entries concerning 18 persons and three entities included in Annex I to Regulation (EU) No 359/2011 should be updated.

    Annex I to Regulation (EU) No 359/2011 has therefore been amended accordingly.

    Read more.

  • 28 Mar 2023 14:34 | Malta Institute of Accountants (Administrator)


    Belarus Regime

    • Corrigendum to Council Implementing Regulation (EU) 2023/419 of 24 February 2023 implementing Article 8a of Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine (Official Journal of the European Union L 61 of 27 February 2023)

    The ‘Identifying information’ heading of entry 125 on page 31 has been amended as follows:

    for:

    ‘DOB: 9.5.1958’,

    read:

    ‘DOB: 9.3.1958’.

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 28 Mar 2023 14:30 | Malta Institute of Accountants (Administrator)


    Iraq Regime

    On 27 March 2023, the Security Council Committee established pursuant to Resolution 1518(2003) decided to remove an entry from its Sanctions List of individuals and entities.

    The following has been published in the Official Journal of the EU.

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 22 Mar 2023 10:00 | Malta Institute of Accountants (Administrator)


    Iran Regime

    On 12 April 2011, the Council adopted Regulation (EU) No 359/2011. In line with the Union’s commitment to address all issues of concern with Iran, including the human rights situation, as confirmed in the Council conclusions of 12 December 2022, eight persons and one entity should be included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 359/2011.

    Regulation (EU) No 359/2011 has therefore been amended accordingly,

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 20 Mar 2023 10:00 | Malta Institute of Accountants (Administrator)


    ISIL (Da’esh) and Al-Qaida Regime

    On 15 March 2023, entries on the ISIL (Da’esh) and Al-Qaida Sanctions List of individuals and entities subject to the assets freeze, travel ban, and arms embargo set out in paragraph 1 of Security Council resolution 2610 (2021) were amended following the 2021 Annual Review conducted in accordance with paragraphs 90 and 91 of resolution 2610 (2021).

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 15 Mar 2023 11:30 | Malta Institute of Accountants (Administrator)


    Iraq Regime

    • Commission Implementing Regulation (EU) 2023/580 of 14 March 2023 amending Council Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq.

    On 14 March 2023 the European Commission amended Annex IV to Regulation (EC) No 1210/2003 by deleting two entries in accordance with the Sanctions Committee of the United Nations Security Council’s decision of 09 March 2023 to remove two natural persons from the list of persons and entities to whom the assets freeze should apply.

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 14 Mar 2023 12:00 | Malta Institute of Accountants (Administrator)


    Ukraine Regime

    • Council Implementing Regulation (EU) 2023/571 of 13 March 2023 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

    On 17 March 2014, the Council adopted Regulation (EU) No 269/2014. On the basis of a review by the Council, the information concerning 171 individuals and 65 entities in Annex I to Regulation (EU) No 269/2014 should be amended. Additionally, the entries for three deceased persons, as well as two duplicate entries should be deleted from that Annex.  Annex I to Regulation (EU) No 269/2014 hastherefore been amended accordingly,

    Read more.


    Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, Cap 365 of the Laws of Malta as linked here

    Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under Article 17 of the Act apply.

    The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons. 

    The Sanctions Monitoring Board may be contacted on sanctions.mfet@gov.mt on any issue relating to sanctions.


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

               

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