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SMB: Publication in Official Journal

6 Feb 2023 13:30 | Anonymous

Ukraine Regime

• Council Regulation (EU) 2023/250 of 4 February 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014. Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP.

On 4 February 2023, the Council adopted Decision (CFSP) 2023/252. That Decision establishes two additional price caps for petroleum products, that is the price per barrel at or below which petroleum products from Russia are exempt from the prohibition to provide maritime transport of such products to third countries and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport of such products to third countries: one for petroleum products traded at a discount to crude oil (‘discount to crude oil’) and a second one for petroleum products traded at a premium to crude oil (‘premium to crude oil’).

Regulation (EU) No 833/2014 has therefore been amended accordingly.

• Commission Implementing Regulation (EU) 2023/251 of 4 February 2023 amending Council Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014. Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP Following the introduction of Council Decision (CFSP) 2022/1909, Council Decision (CFSP) 2022/2369 and Council Decision (CFSP) 2023/252, Annex XXVIII to Regulation (EU) No 833/2014 has therefore been amended accordingly.

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:

Updates to Applicable Sanctions

3 Feb 2023 13:30 | Anonymous

ISIL (Da'esh) and Al-Qaida Sanctions Regime

On 2 February 2023, the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al Qaida and associated individuals, groups, undertakings and entities enacted the amendments specified with underline and strikethrough in the entries below on its 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), and adopted under Chapter VII of the Charter of the United Nations.

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:

SMB: Updates to Applicable Sanctions

24 Jan 2023 12:00 | Anonymous

Iran Regime

• Council Implementing Regulation (EU) 2023/152 of 23 January 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 25 September 2022, the High Representative of the Union for Foreign Affairs and Security Policy issued a declaration on behalf of the Union deploring the widespread and disproportionate use of force by the Iranian security forces against non-violent protestors, noting that it had resulted in the loss of lives as well as a large number of injuries.

In this context, and in line with the Union’s commitment to address all issues of concern with Iran, including the human rights situation, 18 persons and 19 entities 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.

Somalia Regime

• Council Regulation (EU) 2023/154 of 23 January 2023 amending Regulation (EC) No 147/2003 concerning certain restrictive measures in respect of Somalia

On 17 November 2022, the United Nations Security Council adopted Resolution (UNSCR) 2662 (2022). On 23 January 2023, the Council adopted Decision (CFSP) 2023/160 (3), which amends Decision 2010/231/CFSP in accordance with UNSCR 2662 (2022). Some of those amendments fall within the scope of the Treaty on the Functioning of the European Union and regulatory action at the level of the Union is therefore necessary in order to implement them, notably with a view to ensuring their uniform application by economic operators in all Member States. Regulation (EC) No 147/2003 has therefore been amended accordingly.

• Council Regulation (EU) 2023/154 of 23 January 2023 amending Regulation (EC) No 147/2003 concerning certain restrictive measures in respect of Somalia

Council Regulation (EU) No 356/2010 (2) gives effect to measures provided for in Decision 2010/231/CFSP. On 17 November 2022, the United Nations Security Council adopted Resolution (UNSCR) 2662 (2022), which notably expands the designation criteria guiding the determination of persons and entities subject to restrictive measures. Council Decision (CFSP) 2023/160 (3) amended Decision 2010/231/CFSP in order to reflect the changes in UNSCR 2662 (2022). Those measures fall within the scope of the Treaty and, therefore, notably with a view to ensuring their uniform application in all Member States, regulatory action at the level of the Union is necessary. Regulation (EU) No 356/2010 has therefore been amended accordingly.

Tunisia Regime

• Council Implementing Regulation (EU) 2023/156 of 23 January 2023 implementing Regulation (EU) No 101/2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Tunisia

On 4 February 2011, the Council adopted Regulation (EU) No 101/2011. On the basis of a review, the information in Annex I to that Regulation regarding the statements of reasons and the identifying information should be amended for five persons, and the identifying information should be updated for four other persons. Annex I to Regulation No (EU) 101/2011 should therefore be amended accordingly,

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:

Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing: Mandate for negotiations with the European Parliament

Annexes to the AML regulation

Directive on the mechanisms to be put in place by the member states for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing directive

SMB: Updates to Applicable Sanctions

23 Jan 2023 11:00 | Anonymous

The UN has published a Press Release on ISIL (Da’esh) and Al-Qaida Sanctions Regime. This is in relation to the event which took place on 16^th January 2023, when the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities approved the addition of the entry in the above link to its 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) and adopted under Chapter VII of the Charter of the United Nations.

The Sanctions Monitoring Board reiterates 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.

EU AML Legislative Package - Council mandate reached on the AMLR and AMLD6

11 Jan 2023 15:00 | Anonymous

The FIAU would like to notify subject persons that a political agreement at Council level has been reached on the proposed Anti-Money Laundering Regulation (AMLR) and the new 6th Anti-Money Laundering Directive (AMLD6) pending first reading of such legislative texts at the European Parliament. The Council is now in a position to commence negotiations with the European Parliament, for the eventual agreement and adoption of the final version of the legislative texts.

Attention is to be given to a number of changes proposed by the Council. These include the following:

1. The list of obliged entities (termed as 'subject persons' under national law) has increased to include persons trading in precious metals, precious stones, and cultural goods as well as jewellers, horologists, and goldsmiths where the value of the transaction or linked transactions amounts to at least EUR 10,000.

2. Outsourcing rules have been further clarified, including in relation to which tasks may or may not be outsourced particularly in the context of collective investment schemes.

3. More detailed rules on the scope of an obliged entity’s internal policies, procedures, and controls as well as on the compliance function of an obliged entity have been included.

4. Beneficial ownership rules have been developed with the aim of harmonising as much as possible the interpretation of the elements of ‘ownership’ and ‘control’. These rules cover more clearly instances of beneficial ownership identification in the context of multi-layered structures not only for corporate and other similar legal entities, but also more specifically in the case of express trusts, foundations, and collective investment schemes. Rules on the identification of class of beneficiaries have also been further clarified.

5. The FATF listings of monitored and high-risk jurisdictions, where these concern third countries, will be automatically replicated by the EU in two corresponding lists provided that certain criteria are satisfied. This is intended to avoid having to replicate the assessment and identification process performed by the FATF thereby ensuring a prompt transcription of the FATF listings.

Subject persons are once again reminded that the EU legislative procedure in relation to the above texts is still ongoing, and therefore the above changes are not to be considered as final. It is advised that where possible, any further developments in the negotiation process are followed by subject persons.

The amended texts of the proposed AMLR and AMLD6 may be accessed through the following links:

Publication in the Official Journal

4 Jan 2023 13:00 | Anonymous

Libya Regime

• Council Implementing Regulation (EU) 2022/2525 of 21 December 2022 implementing Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya

The Council of the European Union on 21 December 2022 decided to delete the entry for one listed entity from Annex III to Regulation (EU) No 204/2011 in accordance with the judgement of the General Court in Case T-627/20.

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:

MGA Issues Revised Approved Audit Service Provider Policy

20 Dec 2022 14:00 | Anonymous

On 7th December 2022, the Malta Gaming Authority (MGA) has issued the Revised Approved Audit Service Provider Policy available online here.

MGA noted that whilst the new policy presents some revised procedural and compliance-related amendments, its principal change is the introduction of other audit-related engagements within its scope. Whereas the previous policy issued in 2018 was limited to the approval of audit firms performing system and compliance audits, the revised policy now also extends to the following audit-related engagements:

System Reviews (performed after the first year from licence issuance, or within a shorter timeframe should a system audit not be required at the licence issuance stage);
Statutory Audits (Audited Financial Statements); and
Agreed Upon Procedures (engagement related to player funds and gaming revenue declarations in accordance with ISRS 4400).

In this regard, the MGA notified all auditors and licensees that:

The revised policy shall enter into force with immediate effect, therefore any renewal applications yet to be submitted shall be in conformity with the new Policy;
Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform System Reviews, hence they will not be required to obtain additional approval;
Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform Statutory Audits and Agreed Upon Procedures provided that the respective firm is recognised as an audit firm by the Accountancy Board;
The requirement for audit firms to be approved prior to performing Statutory Audits and/or Agreed Upon Procedures shall be applicable for financial years ending December 2022 onwards;
Audit firms which are not currently on the MGA’s approved list and intend to perform Statutory Audits and/or Agreed Upon Procedures, for financial years ending December 2022 onwards shall be required to submit an application by not later than 31 January 2023;
Audit firms which have already entered into letters of engagement for the performance of Statutory Audits and/or Agreed Upon Procedures for financial years ending December 2022 onwards may proceed with such engagements; and
Licensees shall ensure that new audit-related engagements falling within the scope of this Policy are only entered into with auditors approved by the MGA.

Any queries are to be addressed to info.mga@mga.org.mt.

While bringing to your attention the above and the revised policy, the Malta Institute of Accountants notes that discussions are ongoing with MGA in order to seek clarity on a number of areas.

Publication in the Official Journal

20 Dec 2022 12:00 | Anonymous

Belarus Regime

• Corrigendum to Council Implementing Decision (CFSP) 2021/1002 of 21 June 2021 implementing Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus (Official Journal of the European Union L 219 I of 21 June 2021)

Entry 125 under the heading ‘Identifying Information’, in the Annex on page 84 has been amended as follows:

for:

‘DOB: 09.05.1958’,

read:

‘DOB: 09.03.1958’.

• Corrigendum to Council Implementing Regulation (EU) 2021/997 of 21 June 2021 implementing Article 8a(1) of Regulation (EC) No 765/2006 concerning restrictive measures in respect of Belarus (Official Journal of the European Union L 219 I of 21 June 2021)

Entry 125 under the heading ‘Identifying Information’, in the Annex on page 20 has been amended as follows:

for:

‘DOB: 09.05.1958’,

read:

‘DOB: 09.03.1958’.

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:

SMB: Publication in the Official Journal

19 Dec 2022 12:30 | Anonymous

Ukraine Regime

• Council Regulation (EU) 2022/2474 of 16 December 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014. Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP. On 16 December 2022 the Council adopted Decision (CFSP) 2022/2478 amending Decision 2014/512/CFSP. It is appropriate to extend the list of restricted items which might contribute to Russia’s military and technological enhancement or the development of its defence and security sector, by adding drone engines, further chemical and biological equipment, riot control agents and electronic components. Regulation (EU) No 833/2014 has therefore been amended accordingly.

Council Regulation (EU) 2022/2475 of 16 December 2022 amending Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

Council Regulation (EU) No 269/2014 (2) gives effect to the restrictive measures provided for in Decision 2014/145/CFSP. On 16 December 2022, the Council adopted Decision (CFSP) 2022/2479 (3), amending Decision 2014/145/CFSP. Decision (CFSP) 2022/2479 introduced a new deadline for the derogation allowing the divestment by a specific listed entity. Regulation (EU) No 269/2014 has therefore been amended accordingly.

• Council Implementing Regulation (EU) 2022/2476 of 16 December 2022 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. The Union remains unwavering in its support for Ukraine’s sovereignty and territorial integrity. In view of the gravity of the situation, the Council considers that 141 persons and 49 entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine should be added to the list of persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 269/2014. Annex I to Regulation (EU) No 269/2014 has therefore been amended accordingly.

Subscribers are to kindly note that the above mentioned listings refer to the ninth package of sanctions by the European Union in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. For further guidance, kindly also consult the Council’s official press release on the matter in this link.

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: