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LOCAL News

  • 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

  • 27 Feb 2023 14:00 | Malta Institute of Accountants (Administrator)


    Mali Regime

    • Council Implementing Regulation (EU) 2023/428 of 25 February 2023 implementing Article 12(2) of Regulation (EU) 2017/1770 concerning restrictive measures in view of the situation in Mali

    On 28 September 2017, the Council adopted Regulation (EU) 2017/1770. On 13 December 2021, the Council adopted Regulation (EU) 2021/2201 to give effect to Decision (CFSP) 2021/2208, which established a new framework, allowing for restrictive measures against individual and entities responsible for threatening the peace, security or stability of Mali, or for obstructing or undermining the successful completion of its political transition. In view of the continued gravity of the situation in Mali, one person should be included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex Ia to Regulation (EU) 2017/1770.

    Annex Ia to Regulation (EU) 2017/1770 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 13:45 | Malta Institute of Accountants (Administrator)


    Ukraine Regime

    • Council Regulation (EU) 2023/426 of 25 February 2023 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 gives effect to restrictive measures provided for in Decision 2014/145/CFSP. On 25 February 2023, the Council adopted Decision (CFSP) 2023/432, amending Decision 2014/145/CFSP. Those amendments fall within the scope of the Treaty and therefore regulatory action at the level of the Union is necessary in order to implement them, in particular with a view to ensuring their uniform application in all Member States. Regulation (EU) No 269/2014 has therefore been amended accordingly.

    Read more.


    • Council Regulation (EU) 2023/427 of of 25 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 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP. On 25 February 2023 the Council adopted Decision (CFSP) 2023/434, amending Decision 2014/512/CFSP. Regulation (EU) No 833/2014 has therefore been amended accordingly.

    Read more.


    • Council Implementing Regulation (EU) 2023/429 of 25 February 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. 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 87 persons and 34 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.

    Read more.


    Subscribers are to kindly note that the above mentioned listings refer to the tenth 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:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 27 Feb 2023 13:30 | Malta Institute of Accountants (Administrator)


    Syria Regime

    • Council Regulation (EU) 2023/407 of 23 February 2023 amending Regulation (EU) No 36/2012 concerning restrictive measures in view of the situation in Syria

    The Council of the European Union on 23 February 2023 decided to amend Regulation (EU) No 36/2012 by replacing the contents of Article 16a of the said Regulation to introduce an exemption to the freezing of the assets of, and to the restrictions on making funds and economic resources available to, designated natural or legal persons and entities, for the benefit of international organisations and certain defined categories of actors involved in humanitarian activities and for an initial period of six months.

    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

  • 21 Feb 2023 13:30 | Malta Institute of Accountants (Administrator)


    Ukraine Regime

    • Council Decision (CFSP) 2023/388 of 20 February 2023 amending Decision (CFSP) 2022/266 concerning restrictive measures in response to the illegal recognition, occupation or annexation by the Russian Federation of certain non-government controlled areas of Ukraine

    On 23 February 2022, the Council adopted Decision (CFSP) 2022/266. On 6 October 2022, in response to the illegal annexation of Ukraine’s Donetsk, Kherson, Luhansk and Zaporizhzhia regions by the Russian Federation, the Council adopted Decision (CFSP) 2022/1908. On the basis of a review of Decision (CFSP) 2022/266, and in view of the Russian Federation’s continuing illegal actions against Ukraine, the restrictive measures should be renewed until 24 February 2024. Decision (CFSP) 2022/266 has been amended accordingly.

    Read more.


    Myanmar Regime

    • Council Implementing Regulation (EU) 2023/378 of 20 February 2023 implementing Regulation (EU) No 401/2013 concerning restrictive measures in view of the situation in Myanmar/Burma

    On 2 May 2013, the Council adopted Regulation (EU) No 401/2013. In view of the continuing grave situation in Myanmar/Burma, nine persons and seven entities should be added to the list of natural and legal persons, entities and bodies subject to restrictive measures in Annex IV to Regulation (EU) No 401/2013. Regulation (EU) No 401/2013 should therefore be amended accordingly.

    Read more.


    Iran Regime

    • Council Implementing Regulation (EU) 2023/379 of 20 February 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, as confirmed in the Council Conclusions of 12 December 2022, 32 persons and two entities should be included in the list of natural and legal persons, entities and bodies subject to restrictive measures 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.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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