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SMB Update

4 Apr 2022 12:39 | Anonymous

New Guidance Note issued by the Sanctions Monitoring Board on the listings by OFAC of Maltese individuals and entities

The SMB is strongly recommending that all Maltese economic operators and financial institutions in the Republic of Malta exercise enhanced due diligence when dealing with the persons, entities and bodies listed by the OFAC and with assets belonging to these persons, entities and bodies.

Maltese economic operators and financial institutions should keep an up-to-date record of all assets, funds and economic resources held by the said persons, entities and bodies with them.

Read the guidance here.

SMB: Sanctions Updates

16 Mar 2022 13:38 | Deleted user

Ukraine Regime

Council Implementing Regulation (EU) 2022/427 of 15 March 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 24 February 2022, the President of the Russian Federation announced a military operation in Ukraine and Russian armed forces began an attack on Ukraine. That attack is a blatant violation of the territorial integrity, sovereignty and independence of Ukraine. In its conclusions of 24 February 2022, the European Council condemned in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine. By its illegal military actions, Russia is grossly violating international law and the principles of the United Nations Charter, and undermining European and global security and stability. The European Council agreed on further restrictive measures that will impose massive and severe consequences on Russia for its actions, in close coordination with the Union’s partners and allies. On 25 February 2022, the Council adopted Regulation (EU) 2022/330 (2), which amended the criteria of designation to include persons and entities supporting and benefitting from the Government of the Russian Federation, persons and entities providing a substantial source of revenue to the Government of the Russian Federation, and natural or legal persons associated with listed persons or entities. In view of the gravity of the situation, the Council considers that 15 individuals and 9 entities should be added to the list of persons, entities and bodies subject to restrictive measures as set out in Annex I to Regulation (EU) No 269/2014. Annex I to Regulation (EU) No 269/2014 should therefore be amended accordingly to include 24 new persons and entities to the list of natural and legal persons, entities and bodies set out in Annex I to Regulation (EU) No 269/2014.

Council Decision (CFSP) 2022/429 of 15 March 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

On 24 February 2022, the President of the Russian Federation announced a military operation in Ukraine and Russian armed forces began an attack on Ukraine. That attack is a blatant violation of the territorial integrity, sovereignty and independence of Ukraine. In its conclusions of 24 February 2022, the European Council condemned in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine. By its illegal military actions, Russia is grossly violating international law and the principles of the United Nations Charter, and undermining European and global security and stability. The European Council agreed on further restrictive measures that will impose massive and severe consequences on Russia for its actions, in close coordination with the Union’s partners and allies. On 25 February 2022, the Council adopted Decision (CFSP) 2022/329 (2), which amended the criteria of designation to include persons and entities supporting and benefitting from the Government of the Russian Federation, persons and entities providing a substantial source of revenue to the Government of the Russian Federation, and natural or legal persons associated with listed persons or entities. In view of the gravity of the situation, the Council considers that 15 individuals and 9 entities should be added to the list of persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2014/145/CFSP. Decision 2014/145/CFSP should therefore be amended accordingly.

Council Regulation (EU) 2022/428 of 15 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

On 15 March 2022, the Council adopted Decision (CFSP) 2022/430, amending Decision 2014/512/CFSP and introducing further trade restrictions concerning iron and steel, as well as luxury goods. Decision (CFSP) 2022/430 expands the list of persons connected to Russia’s defence and industrial base, on whom tighter export restrictions regarding dual-use goods and technology as well as goods and technology which might contribute to the technological enhancement of Russia’s defence and security sector are imposed. Decision (CFSP) 2022/430 also imposes prohibitions targeting new investments in the Russian energy sector, as well as a comprehensive export restriction on equipment, technology and services for the energy industry in Russia, with the exception of the nuclear industry and the downstream sector of energy transport. Decision (CFSP) 2022/430 prohibits all transactions with certain state-owned companies which are already subject to refinancing restrictions. Decision (CFSP) 2022/430 also prohibits the provision of credit rating services and bans access to any subscription services in relation to credit rating activities to Russian clients. These measures fall within the scope of the Treaty and, therefore, in particular 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 833/2014 should therefore be amended accordingly.

Council Decision (CFSP) 2022/430 of 15 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 24 February 2022, the President of the Russian Federation announced a military operation in Ukraine and Russian armed forces began an attack on Ukraine. That attack is a blatant violation of the territorial integrity, sovereignty and independence of Ukraine. In its conclusions of 24 February 2022, the European Council condemned in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine. By its illegal military actions, Russia is grossly violating international law and the principles of the UN Charter and undermining European and global security and stability. The European Council called for the urgent preparation and adoption of a further individual and economic sanctions package. In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures. In particular, it is appropriate to prohibit all transactions with certain state-owned companies. It is also appropriate to prohibit the provision of any credit rating services, as well as access to any subscription services in relation to credit rating activities, to any Russian person or entity. Moreover, it is appropriate to tighten the export restrictions regarding dual-use goods and technology as well as goods and technology which might contribute to the technological enhancement of Russia’s defence and security sector, and to expand the list of persons connected to Russia’s defence and industrial base, which are subject to those restrictions. Furthermore, it is appropriate to prohibit new investments in the Russian energy sector, and to introduce a comprehensive export restriction on equipment, technology and services for the energy industry in Russia, with the exception of nuclear industry and the downstream sector of energy transport. Finally, it is appropriate to introduce further trade restrictions concerning iron and steel, as well as luxury goods. Further action by the Union is needed in order to implement certain measures. Decision 2014/512/CFSP 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.mfea@gov.mt on any issue relating to sanctions.

Please find below links to the:

SMB: Publication in the Official Journal of the EU

15 Mar 2022 12:40 | Deleted user

ISIL (Da’esh) and Al-Qaida Regime

Commission Implementing Regulation (EU) 2022/413 of 10 March 2022 amending for the 330th time Council Regulation (EC) No 881/2002 imposing certain specific restrictive measures directed against certain persons and entities associated with the ISIL (Da'esh) and Al-Qaida organisations

On 10 March 2022, the European Commission amended Annex I to Regulation (EC) No 881/2002 following the Sanctions Committee of the United Nations Security Decision to add an entry to the list of persons, groups and entities to whom the freezing of funds and economic resources should apply.

Yemen Regime

Council Implementing Regulation (EU) 2022/419 of 14 March 2022 implementing Regulation (EU) No 1352/2014 concerning restrictive measures in view of the situation in Yemen

On 14 March 2022, the Council of the European Union amended Annex I to Regulation (EU) No 1352/2014 following the decision of the United Nations Security Council Committee established pursuant to United Nations Security Council Resolution 2140 (2014) to add one entry to the list of persons and entities subject to restrictive measures.

Council Implementing Decision (CFSP) 2022/420 of 14 March 2022 implementing Decision 2014/932/CFSP concerning restrictive measures in view of the situation in Yemen

On 14 March 2022, the Council of the European Union amended Annex to Decision 2014/932/CFSP following the decision of the United Nations Security Council Committee established pursuant to United Nations Security Council Resolution 2140 (2014) to add one entity to the list of persons and entities subject to restrictive measures.

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:

Publication in the official Journal of the EU

14 Mar 2022 09:01 | Deleted user

Ukraine Regime

Council Implementing Regulation (EU) 2022/408 of 10 March 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 11 March 2022, on the basis of a review by the Council, the information concerning 37 individuals and six entities in Annex I to Regulation (EU) No 269/2014 should be amended. Annex I to Regulation (EU) No 269/2014 should therefore be amended accordingly.

Council Decision (CFSP) 2022/411 of 10 March 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

On 11 March, the Council of the EU decided that in view of the continuing undermining or threatening of the territorial integrity, sovereignty and independence of Ukraine, Decision 2014/145/CFSP should be renewed for a further six months. The Council has reviewed the individual designations set out in the Annex to Decision 2014/145/CFSP. On the basis of that review, the information concerning 37 individuals and six entities should be amended. Decision 2014/145/CFSP should therefore be amended accordingly.

ISIL (Da'esh) and Al-Qaida Regime

On 3 March 2022, the Sanctions Committee of the United Nations Security Council decided to remove two entries from the list of persons, groups and entities to whom the freezing of funds and economic resources should apply. The Council of the EU therefore deemed it necessary to reflect technical streamlining of the UN list with the consolidation of aliases carried out by the UN Sanctions Committee. On 11 March therefore, Annex I to Regulation (EC) No 881/2002 has therefore been amended accordingly.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the:

SMB: Publication of Updates on Sanctions

10 Mar 2022 13:51 | Deleted user

Ukraine Regime

Council Implementing Regulation (EU) 2022/396 of 9 March 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

In view of the gravity of the situation, the Council considers that 146 members of the Russian Federation Council who ratified the government decisions of the ‘Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People’s Republic and between the Russian Federation and the Luhansk People’s Republic’ should be added to the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 269/2014.

In addition, the list should include 14 persons supporting and benefitting from the Government of the Russian Federation or providing a substantial source of revenue to it, or associated with listed persons or entities.

Regulation (EU) No 269/2014 has been amended accordingly.

Council Decision (CFSP) 2022/397 of 9 March 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

In view of the gravity of the situation, the Council considers that 146 members of the Russian Federation Council who ratified the government decisions of the ‘Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People’s Republic and between the Russian Federation and the Luhansk People’s Republic’ should be added to the list of persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2014/145/CFSP.

In addition, the list should include 14 persons supporting and benefitting from the Government of the Russian Federation or providing a substantial source of revenue to it, or associated with listed persons or entities.

Decision 2014/145/CFSP has been amended accordingly.

Council Regulation (EU) 2022/394 of 9 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In order to ensure correct implementation of the measures set out in Regulation (EU) No 833/2014, the Council deemed it necessary to clarify the exception for the provision of financing for small and medium-sized enterprises, as well as certain provisions in the Annexes relating to prohibited goods and technology.

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

Council Decision (CFSP) 2022/395 of 9 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures with regard to the export of maritime navigation goods and technology.

It is also appropriate to expand the list of legal persons, entities and bodies subject to the prohibitions related to investment services, transferable securities, money market instruments, and loans. Moreover, certain clarifications are necessary to ensure the proper application of some of the specific sectoral restrictions introduced by Decision (CFSP) 2022/327.

Decision 2014/512/CFSP has been amended accordingly.

Belarus Regime

Council Regulation (EU) 2022/398 of 9 March 2022 amending 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

In view of the gravity of the situation in Ukraine, further measures were necessitated. Consequently, Decision (CFSP) 2022/399 further expands the existing financial restrictions. In particular, it prohibits the listing and provision of services in relation to shares of Belarusian state-owned entities on Union trading venues. In addition, it introduces new measures which significantly limit the financial inflows from Belarus to the Union by prohibiting the acceptance of deposits exceeding certain values from Belarusian nationals or residents, the holding of accounts of Belarusian clients by the Union central securities depositories as well as the selling of euro-denominated securities to Belarusian clients. It also prohibits transactions with the Central Bank of Belarus related to the management of reserves or assets, the provision of public financing for trade with and investment in Belarus, with limited exceptions, and the provision of euro denominated banknotes to Belarus or for use in Belarus.

Decision (CFSP) 2022/399 imposes further restrictive measures with regard to the provision of specialised financial messaging services to certain Belarusian credit institutions and their Belarusian subsidiaries, which are relevant for the Belarusian financial system and which are already the subject of restrictive measures imposed by the Union.

In order to ensure correct implementation of the measures set out in Regulation (EC) No 765/2006, it is also necessary to add obligations on the Network Manager for air traffic management network functions of the single European sky regarding overflight prohibitions and amend the provisions on non-circumvention. Whereas it is commonly understood that the notion of 'assets' and 'economic resources' subject to freezing also includes cryptoassets, and that loans and credits can also be provided via crypto assets, it is appropriate to further specify the notion of 'transferable securities' in relation to such assets given their specific nature.

Regulation (EC) No 765/2006 has been amended accordingly.

Council Decision (CFSP) 2022/399 of 9 March 2022 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

In view of the gravity of the situation, and in response to Belarus's involvement in Russia's aggression against Ukraine, it is appropriate to introduce additional restrictive measures related to the financial sector.

In particular, it is appropriate to prohibit the listing and provision of services in relation to shares of Belarusian state-owned entities on Union trading venues; limit the financial inflows from Belarus to the Union; prohibit transactions with the Central Bank of Belarus; restrict the provision of specialised financial messaging services to certain Belarusian credit institutions and their Belarusian subsidiaries. It is also appropriate to add obligations on the Network Manager for air traffic management network functions of the single European sky regarding overflight prohibitions.

Decision 2012/642/CFSP has been amended accordingly.

Iraq Regime

Commission Implementing Regulation (EU) 2022/401 of 8 March 2022 amending Council Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq

On 8 March 2022, the European Commission amended Annex IV to Regulation (EC) No 1210/2003 so as to delete seven entries from it.

For further information kindly consult the following 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:

SMB: Publication of Updates on Sanctions

9 Mar 2022 12:25 | Deleted user

Belarus Regime

Corrigendum to Council Regulation (EU) 2021/1030 of 24 June 2021 amending Regulation (EC) No 765/2006 concerning restrictive measures in respect of Belarus

On the basis of a review by the Council, the above information in Article 1 to the Regulation has been added.

Article 1 to Regulation (EU) No 765/2006 should therefore be amended accordingly.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the:

Sanctions Map

SMB: Publication of updates to sanctions

8 Mar 2022 13:45 | Deleted user

UNSC Resolutions 1267 (1999), 1989 (2011) and 2253 (2015)

On 7 March 2022, the Security Council Committee established pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) added one entry to its Sanctions List of individuals and entities.

For further information kindly consult the following 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:

SMB: Update in the Publication of the EU

7 Mar 2022 13:28 | Deleted user

Ukraine Regime

Council Implementing Regulation (EU) 2022/375 of 3 March 2022 implementing Regulation (EU) No 208/2014 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine

On the basis of a review by the Council, the information in Annex I to that Regulation regarding the rights of defence and the right to effective judicial protection should be updated.

Annex I to Regulation (EU) No 208/2014 should therefore be amended accordingly.

Council Decision (CFSP) 2022/376 of 3 March 2022 amending Decision 2014/119/CFSP concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine

On the basis of a review of Decision 2014/119/CFSP, the application of restrictive measures directed against certain persons, entities and bodies should be extended until 6 March 2023 in respect of three persons, and until 6 September 2022 in respect of four persons. Furthermore, the information in the Annex to Decision 2014/119/CFSP regarding the rights of defence and the right to effective judicial protection, including the fundamental right to have a fair and public hearing within a reasonable time by an independent and impartial tribunal previously established by law, should be updated. Moreover, the entry for one person – against whom the application of restrictive measures expired on 6 September 2021 – as well as the information regarding his rights of defence and his right to effective judicial protection should be deleted.

Decision 2014/119/CFSP should therefore be amended accordingly.

UNSC Resolution 1518 (2003)

On 3 March 2022, the Security Council Committee established pursuant to resolution 1518 (2003) removed seven entries from its Sanctions List of individuals and entities. For further information please kindly consult the following link.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the: