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LOCAL News

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


    Iraq Regime

    On 9 March 2023, the Security Council Committee established pursuant to resolution 1518 (2003) removed a number of entries from its Sanctions List of individuals and entities.

    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

  • 8 Mar 2023 12:22 | Malta Institute of Accountants (Administrator)


    Belarus Regime

    • Corrigendum to Council Decision (CFSP) 2023/421 of 24 February 2023 amending Decision 2012/642/CFSP 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 introductory wording of the Annex on page 43 has been amended as follows:

    for:

    ‘Annex I to Decision 2012/642/CFSP is amended as follows:

    (1) in Table A. ‘Natural persons referred to in Articles 3(1) and 4(1)’, entries 10, 17, 20, 22, 35, 39, 41, 42, 64, 65, 71, 73, 75, 78, 85, 87, 89, 90, 123, 125 and 179 are replaced by the following:’,

    read:

    ‘Annex I to Decision 2012/642/CFSP is amended as follows:

    (1) in Table ‘A. Natural persons referred to in Articles 3(1) and 4(1)’, entries 10, 17, 20, 22, 35, 39, 41, 42, 64, 65, 71, 73, 75, 78, 85, 87, 89, 90, 104, 123, 125, 129, 131, 179 and 195 are replaced by the following:’.

    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

  • 8 Mar 2023 11:55 | Malta Institute of Accountants (Administrator)


    Human Rights Regime

    • Council Implementing Regulation (EU) 2023/500 of 7 March 2023 implementing Regulation (EU) 2020/1998 concerning restrictive measures against serious human rights violations and abuses

    The Council of the European Union on 07 March 2023 decided to amend Annex I to Regulation (EU) 2020/1998 by adding nine persons and three entities in the list of natural and legal persons, entities and bodies subject to restrictive measures.

    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

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


    Russia Regime

    • Corrigendum to Council Regulation (EU) 2023/427 of 25 February 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (Official Journal of the European Union L 59 I of 25 February 2023)

    Page 11, in Article 1, point (8) has been amended as follows:

    for:

    ‘4a. Notwithstanding the applicable rules concerning reporting, confidentiality and professional secrecy, natural and legal persons, entities and bodies, including the European Central Bank, national central banks, financial sector entities as defined in Article 4 of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1)*, insurance and reinsurance undertakings as defined in Article 13 of Directive 2009/138/EC of the European Parliament and of the Council (2)*, central securities depositories as defined in Article 2 of Regulation (EU) No 909/2014 and central counterparties as defined in Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (3)* shall provide, no later than two weeks after 26 February 2023, to the competent authority of the Member State where they are resident or located, and simultaneously to the Commission, information on the assets and reserves referred to in paragraph 4 of this Article which they hold or control or are a counterparty to. Such information shall be updated every three months and shall at least cover the following: …’,

    read:

    ‘4a. Notwithstanding the applicable rules concerning reporting, confidentiality and professional secrecy, natural and legal persons, entities and bodies, including the European Central Bank, national central banks, financial sector entities as defined in Article 4 of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1)*, insurance and reinsurance undertakings as defined in Article 13 of Directive 2009/138/EC of the European Parliament and of the Council (2)*, central securities depositories as defined in Article 2 of Regulation (EU) No 909/2014 and central counterparties as defined in Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (3)* shall provide, no later than 2 weeks after 27 April 2023, to the competent authority of the Member State where they are resident or located, and simultaneously to the Commission, information on the assets and reserves referred to in paragraph 4 of this Article which they hold or control or are a counterparty to. Such information shall be updated every 3 months and shall at least cover the following: …’.

    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

  • 6 Mar 2023 13:30 | Malta Institute of Accountants (Administrator)


    The Financial Intelligence Analysis Unit (FIAU) would like to bring to your attention that, together with the latest FATF 'High-Risk Jurisdictions subject to a Call for Action' and 'Jurisdictions under Increased Monitoring' documents, on the 24th of February the FATF also issued a Statement on the Russian Federation. A copy of these documents has been uploaded on the FIAU’s website respectively under ‘Country Statements’ and ‘Third Party Publications’.

    The FATF classifies the jurisdictions included in these first two documents into different categories, in accordance with the deficiencies present in such jurisdictions, and the level of commitment and progress made in addressing such shortcomings.

    The categories are the following:

    1. Jurisdictions with strategic deficiencies in their regime to counter money laundering, terrorist financing, and financing of proliferation that have failed to meaningfully address their AML/CFT deficiencies and are subject to a call for counter-measures (listed under 'High-Risk Jurisdictions subject to a Call for Action’). This process is informally referred to as ‘’black listing’’;

    2. Jurisdictions that have developed an action plan with the FATF and have made a high-level political commitment to address their AML/CFT deficiencies (listed in the 'Jurisdictions under Increased Monitoring'). This process is informally referred to as “grey listing”. This document also lists jurisdictions that are no longer subject to the FATF on-going global AML/CFT compliance process, where applicable.

    Subject persons are required to implement the measures set out under Regulation 11 of the Prevention of Money Laundering and Funding of Terrorism Regulation S.L. 373.01 (“PMLFTR”) and under Chapter 8 of the FIAU Implementing Procedures Part I, which is legally binding upon all subject persons in terms of Regulation 17 of the PMLFTR.

    High-Risk Jurisdictions subject to a Call for Action

    Since February 2020, in light of the COVID-19 pandemic, the FATF has paused the review process for Iran and Democratic People’s Republic of North Korea (DPRK), given that they are already subject to the FATF’s call for countermeasures. Therefore, reference should be made to the statement adopted on 21 February 2020 on these jurisdictions. While the statement may not necessarily reflect the most recent status of Iran and the DPRK’s AML/CFT regimes, the FATF’s call to apply countermeasures on these high-risk jurisdictions remains in effect. In October 2022, the FATF added Myanmar to the list of jurisdictions subject to a call for action and it should be noted that the statement issued is still applicable. Subject persons should refer to Regulation 11(11) of the PMLFTR and apply the enhanced due diligence measures therein to the above-mentioned jurisdictions.

    Jurisdictions under Increased Monitoring

    The following countries had their progress reviewed by the FATF since October 2022: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Panama, Philippines, Senegal, South Sudan, Türkiye, UAE, and Uganda. The Democratic Republic of the Congo, Mozambique, and Tanzania chose to defer reporting; thus, the statements issued in October 2022 are applicable, but it may not necessarily reflect the most recent status of the jurisdictions’ AML/CFT regimes. Following review, the FATF now also identifies Nigeria and South Africa.

    With regards to the enhanced customer due diligence measures to be applied to the above-mentioned jurisdictions, subject persons should refer to Regulation 11(10) of the PMLFTR.

    Jurisdictions no longer subject to increased monitoring

    Cambodia and Morocco are no longer subject to increased monitoring.

    FATF Statement on the Russian Federation

    The FATF stated that the Russian Federation’s actions run counter to the FATF core principles whose aim is to promote security, safety, and the integrity of the global financial system. Russian Federation’s illegal invasion of Ukraine represents a gross violation of the commitment to international cooperation and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards.

    As a result, the FATF has decided to suspend the membership of the Russian Federation. Nonetheless, the Russian Federation remains accountable for its obligation to implement the FATF Standards and must continue to meet its financial obligations. The Russian Federation will remain a member of the Global Network as an active member of the Eurasian Group on Combating Money Laundering (EAG) and will retain its rights as an EAG member.

    The FATF reminds all jurisdictions to remain vigilant on the international financial system’s threats arising from the Russian Federation’s illegal invasion of Ukraine. All jurisdictions are advised to remain alert to possible emerging risks from the circumvention of measures taken in order to protect the international financial system, and to take the necessary measures to mitigate the same.

    If any further information is required, you may contact the FIAU.

  • 6 Mar 2023 13:15 | Malta Institute of Accountants (Administrator)


    The 2023 Risk Evaluation Questionnaire (“REQ”) is now available on the Compliance and Supervision Platform for Assessing Risk (CASPAR) portal for completion by subject persons.

    Subject persons are reminded that the REQ can only be submitted through the CASPAR portal.

    The deadlines for submission of the 2023 REQ are as follows:

    Thursday 13th April 2023

    • Virtual Financial Assets Agents
    • Virtual Financial Assets Service Providers
    • Real Estate Agents
    • Notaries
    • Gaming Operators

    Thursday 20th April 2023

    • Trustees and Fiduciaries
    • Company Service Providers
    • Accountants and Auditors
    • Tax Advisors
    • Advocates

    Thursday 27th April 2023

    • Credit institutions
    • Financial Institutions
    • Investments Service and Securities Markets
    • Insurance and Pensions

    Subject persons operating in categories falling on different deadlines should follow the last deadline. Submission of the REQ following the respective deadlines will be considered as a late submission and may result in subject persons being liable to an administrative penalty.

    The FIAU reminds subject persons who are not yet registered on the CASPAR portal, that they are obliged to do so without further delay. Guidance on the registration process can be viewed by accessing the CASPAR user guide. Once the registration is accepted, subject persons can view and complete the 2023 REQ.

    Reference is made to the REQ FAQs document published on 31 January 2023 for further guidance to subject persons.

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


    DR Congo Regime

    On 1 March 2023, the Security Council Committee established pursuant to resolution 1533 (2004) enacted the amendments, specified with strikethrough and/or underline, in the entry linked hereunder on its Sanctions List of individuals and entities.

    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

  • 27 Feb 2023 14:24 | Malta Institute of Accountants (Administrator)


    Belarus Regime

    • Council Decision (CFSP) 2023/421 of 24 February 2023 amending Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine

    On 15 October 2012, the Council adopted Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus and, as amended, that country’s involvement in the Russian aggression against Ukraine.

    The entries for 21 natural and two legal persons included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Decision 2012/642/CFSP should be amended. Decision 2012/642/CFSP 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.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

  • 27 Feb 2023 14:23 | Malta Institute of Accountants (Administrator)


    Terrorism Regime

    • Council Implementing Regulation (EU) 2023/420 of 24 February 2023 implementing Article 2(3) of Regulation (EC) No 2580/2001 on specific restrictive measures directed against certain persons and entities with a view to combating terrorism, and repealing Implementing Regulation (EU) 2022/1230

    On 18 July 2022, the Council adopted Implementing Regulation (EU) 2022/1230, establishing an updated list of persons, groups and entities to which Regulation (EC) No 2580/2001 applies (‘the list’). The Council has provided, where practically possible, all the persons, groups and entities with statements of reasons explaining why they were entered into the list.

    The Council has also concluded that the persons, groups and entities to which Articles 2, 3 and 4 of Common Position 2001/931/CFSP apply should continue to be subject to the specific restrictive measures provided for in Regulation (EC) No 2580/2001. The list should be updated accordingly, and Implementing Regulation (EU) 2022/1230 has been repealed.

    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

  • 27 Feb 2023 14:20 | Malta Institute of Accountants (Administrator)


    Regime on Serious Human Rights Violations and Abuses

    • Council Implementing Regulation (EU) 2023/430 25 February 2023 implementing Regulation (EU) 2020/1998 concerning restrictive measures against serious human rights violations and abuses

    On 8 December 2020, in the Declaration by the High Representative on behalf of the European Union regarding the EU Global Human Rights Sanctions Regime, the Union and its Member States reaffirmed their strong commitment to the promotion and protection of human rights around the world. The Union remains deeply concerned about serious human rights violations and abuses, such as torture and other cruel, inhuman or degrading treatment or punishment, and extrajudicial, summary or arbitrary executions and killings, committed by the Wagner Group in several countries, including Ukraine, Libya, the Central African Republic (CAR), Mali and Sudan.

    In this context, eight persons and seven entities should be included in the list of natural persons, legal persons, entities and bodies subject to restrictive measures in Annex I to Regulation (EU) 2020/1998. Regulation (EU) 2020/1998 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.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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Tel. +356 2258 1900

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