We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. Read More




Log in

LOCAL News

  • 22 Apr 2022 12:00 | Malta Institute of Accountants (Administrator)


    • Ukraine Regime

    Corrigendum to 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 (Official Journal of the European Union L 81 of 9 March 2022)

    On page 3, in Article 1, in the amendments to Regulation (EU) No 833/2014, points (7) and (8):

    ‘(7) Annex VI is amended is accordance with Annex I to this Regulation;

    (8) Annex IX is amended is accordance with Annex II to this Regulation;’,

    Read more.


    Council Implementing Regulation (EU) 2022/658 of 21 April 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

    The Council considers that two individuals 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 for their role in undermining or threatening the territorial integrity, sovereignty and independence of Ukraine and for benefitting from Russian decision-makers responsible for the annexation of Crimea or the destabilisation of Eastern Ukraine. Regulation (EU) No 269/2014 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/660 of 21 April 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

    The Council considers that two individuals 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 for their role in undermining or threatening the territorial integrity, sovereignty and independence of Ukraine and for benefitting from Russian decision-makers responsible for the annexation of Crimea or the destabilisation of Eastern Ukraine. Decision 2014/145/CFSP should therefore be amended accordingly.

    Read more.


    • DPRK Regime

    Council Implementing Regulation (EU) 2022/659 of 21 April 2022 implementing Regulation (EU) 2017/1509 concerning restrictive measures against the Democratic People’s Republic of Korea

    In view of the continued ballistic-missile-related activities carried out by the DPRK, in violation of and with flagrant disregard for the relevant UNSCRs, eight individuals and four entities should be included in the lists of natural and legal persons, entities and bodies subject to restrictive measures in Annexes XV and XVI to Regulation (EU) 2017/1509. Annexes XV and XVI to Regulation (EU) 2017/1509 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/661 of 21 April 2022 amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People’s Republic of Korea

    In view of the continued ballistic-missile-related activities carried out by the DPRK in violation of and with flagrant disregard for the relevant UNSCRs, eight individuals and four entities should be included in the lists of natural and legal persons, entities and bodies subject to restrictive measures in Annexes II and III to Decision (CFSP) 2016/849. Annexes II and III to Decision (CFSP) 2016/849 should therefore be amended accordingly.

    Read more.


    • Myanmar/Burma Regime

    Council Implementing Regulation (EU) 2022/662 of 21 April 2022 implementing Regulation (EU) No 401/2013 concerning restrictive measures in view of the situation in Myanmar/Burma

    The Council has reviewed the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex IV to Regulation (EU) No 401/2013. On the basis of that review, the information concerning nine listings should be amended. Regulation (EU) No 401/2013 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/669 of 21 April 2022 amending Decision 2013/184/CFSP concerning restrictive measures in view of the situation in Myanmar/Burma

    On the basis of a review of Decision 2013/184/CFSP and in view of the continuing grave situation in Myanmar/Burma, including actions undermining democracy and the rule of law as well as serious human rights violations, the restrictive measures in place should be renewed until 30 April 2023. Based on the updated information received, the entries for nine persons included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2013/184/CFSP should be amended. Decision 2013/184/CFSP should therefore be amended accordingly.

    Read more.



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

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

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

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


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 19 Apr 2022 15:30 | Malta Institute of Accountants (Administrator)


    • Ukraine Regime

    Corrigendum to 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 (Official Journal of the European Union L 80 of 9 March 2022)

    The ‘Name’ column of entry 776 in the table of the Annex on page 17 has been amended as follows:

    for:

    ‘Sergey Borisovich IVANOV

    (Сергей Борисович ИВАНОВ)’

    read:

    ‘Sergey Pavlovich IVANOV

    (Сергей Павлович ИВАНОВ)’

    Read more.


    Corrigendum to 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 (Official Journal of the European Union L 80 of 9 March 2022)

    The ‘Name’ column of entry 776 in the table of the Annex on page 47 has been amended as follows:

    for:

    ‘Sergey Borisovich IVANOV

    (Сергей Борисович ИВАНОВ)’

    read:

    ‘Sergey Pavlovich IVANOV

    (Сергей Павлович ИВАНОВ)’

    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

  • 19 Apr 2022 13:30 | Malta Institute of Accountants (Administrator)


    • UNSC Resolution 1518 (2003)

    On 19 April 2022, the Security Council Committee established pursuant to resolution 1518 (2003) removed the following three entries from its Sanctions List of individuals and entities:

    A. Individuals

    IQi.075 Name: 1: ASIL 2: SAMI 3: MOHAMMAD 4: MADHI TABRAH

    Name (original script): أصيل سامـي محمد ماضـي طبـره

    Title: na Designation: na DOB: na POB: Iraq Good quality a.k.a.: Asil Tabra Low quality a.k.a.: na Nationality: Iraq Passport no: na National identification no: na Address: na Listed on: 2 Jun. 2004.

    IQi.078 Name: 1: MAKI 2: MUSTAFA 3: HAMUDAT 4: na

    Name (original script): مكــي مصطفــى حمـودة

    Title: na Designation: na DOB: Approximately 1934 POB: na Good quality a.k.a.: a) Maki Hamudat b) Mackie Hmodat c) General Maki Al-Hamadat d) Macki Hamoudat Mustafa Low quality a.k.a.: na Nationality: Iraq Passport no: na National identification no: na Address: Mosul, Iraq Listed on: 2 Jun. 2004.

    B. Entities and other groups

    IQe.004 Name: RASHEED BANK

    A.k.a.: a) Al-Rashid Bank b) Al-Rasheed Bank F.k.a.: na Address: a) P.O. Box 7177, Haifa Street, Bagdad, Baghdad, Iraq b) Al Masarif Street, Baghdad, Iraq Listed on: 21 Nov. 2003 Other information: Activity: General purpose bank.

    Read more.



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

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

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

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


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 14 Apr 2022 14:00 | Malta Institute of Accountants (Administrator)


    • Ukraine Regime

    Council Regulation (EU) 2022/625 of 13 April 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

    In view of the humanitarian crisis resulting from the unprovoked invasion of Ukraine by armed forces of the Russian Federation, on 13 April 2022 the Council adopted Decision (CFSP) 2022/627, amending Decision 2014/145/CFSP in order to include exceptions to the freezing of the assets of, and the restrictions on making funds and economic resources available to, designated persons, entities and bodies for certain clearly defined categories of bodies, persons, entities, organisations and agencies for exclusively humanitarian purposes in Ukraine. Regulation (EU) No 269/2014 should therefore be amended accordingly.

    Read more.


    Council Regulation (EU) 2022/626 of 13 April 2022 amending Regulation (EU) 2022/263 concerning restrictive measures in response to the recognition of the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine and the ordering of Russian armed forces into those areas

    In view of the humanitarian crisis resulting from the unprovoked invasion of Ukraine by armed forces of the Russian Federation, on 13 April 2022 the Council adopted Decision (CFSP) 2022/628, amending Decision (CFSP) 2022/266 in order to include exceptions that allow clearly defined categories of bodies, persons, entities, organisations and agencies to provide goods and technology for use in certain sectors, as well as certain restricted services and assistance related to such goods and technology, to persons, entities and bodies in the non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine or for use in those areas, where necessary for humanitarian purposes. Similarly, the exceptions allow for the provision of specific restricted services and assistance directly relating to certain infrastructure in the non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine, where necessary for humanitarian purposes. Council Regulation (EU) 2022/263 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/627 of 13 April 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 humanitarian crisis resulting from the unprovoked invasion of Ukraine by armed forces of the Russian Federation, the Council considers that, in line with international humanitarian law, principled humanitarian action by impartial humanitarian actors addressing the humanitarian needs of the Ukrainian civilian population should continue in Ukraine. The Council therefore considers that certain organisations and agencies acting as humanitarian partners of the Union should be exempted from the prohibition to make funds or economic resources available to designated persons, entities and bodies, for exclusively humanitarian purposes in Ukraine. In addition, the Council considers that a derogation mechanism for exclusively humanitarian purposes in Ukraine should be introduced in relation to the freezing of the assets of, and the restrictions on making funds and economic resources available to, designated persons, entities and bodies. Decision 2014/145/CFSP should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/628 of 13 April 2022 amending Decision (CFSP) 2022/266 concerning restrictive measures in response to the recognition of the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine and the ordering of Russian armed forces into those areas

    In view of the humanitarian crisis resulting from the unprovoked invasion of Ukraine by armed forces of the Russian Federation, the Council considers that, in line with international humanitarian law, principled humanitarian action by impartial humanitarian actors addressing the humanitarian needs of the Ukrainian civilian population should continue in Ukraine, including in the non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine. The Council therefore considers that certain clearly defined categories of bodies, persons, entities, organisations and agencies should be exempted from the restrictions on trade in goods and technology for use in certain sectors, on the provision of certain services and assistance related to those goods and technology, and on the provision of services related to infrastructure in certain sectors, where necessary for exclusively humanitarian purposes in the non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine. In addition, and for the same purpose, the Council also considers that a derogation mechanism should be introduced for humanitarian activities not covered by the above-mentioned exemption. Decision (CFSP) 2022/266 should therefore be amended accordingly.

    Read more.


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

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

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

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


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 13 Apr 2022 11:30 | Malta Institute of Accountants (Administrator)


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

    Security Council ISIL (Da’esh) and Al-Qaida Sanctions Committee Amends Two Entries on Its Sanctions List | Meetings Coverage and Press Releases

    On 01 April 2022, the Security Council Committee established pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al Qaida and associated individuals, groups, undertakings and entities enacted amendments to an entry under the heading ‘Individuals’ and to an entry under the heading ‘Entities and other groups’ in ISIL (Da’esh) and Al Qaida Sanctions List as follows:


    A. Individuals

    QDi.430 Name: 1: EMRAAN 2: ALI 3: 4: na Title: na Designation: na DOB: 4 Jul. 1967 POB: Rio Claro, Trinidad and Tobago Good quality a.k.a.: na Low quality a.k.a.: Abu Jihad TNT Nationality: a) Trinidad and Tobago b) United States of America Passport no: a) Trinidad and Tobago number TB162181 (issued on 27 January 2015, expired 26 January 2020) b) United States of America number 420985453 (expired 6 February 2017) National identification no: Trinidad and Tobago 19670704052 Address: a) United States of America (in detention, Federal Detention Center – Miami, Register Number: 10423-509) b) #12 Rio Claro Mayaro Road, Rio Claro, Trinidad and Tobago (previous location 2008-March 2015) c) #7 GUAYAGUAYARE Road, Rio Claro, Trinidad and Tobago (previous location circa 2003) d) United States of America (previous location- January 1991-2008) Listed on: 23 Nov. 2021 (Amended on 1 Apr. 2022) Other information: Senior member of Islamic State in Iraq and the Levant (ISIL), listed as Al-Qaida in Iraq (QDe.115). Recruited for ISIL and instructed individuals to perpetrate terrorist acts via online video. Physical description: height 176 cm, weight 73 kg, medium built, colour of eyes- brown, colour of hair- black/bald, complexion- brown. Speaks English.

    INTERPOL-UN Security Council Special Notice linked here.

    B. Entities and other groups

    QDe.161 Name: ISLAMIC STATE IN IRAQ AND THE LEVANT -KHORASAN (ISIL-K) A.k.a.: a) ISIL KHORASAN b) ISLAMIC STATE’S KHORASAN PROVINCE c) ISIS WILAYAT KHORASAN d) ISIL’S SOUTH ASIA BRANCH e) SOUTH ASIAN UNITED NATIONS | NATIONS UNIES | PAGE 2 CHAPTER OF ISIL f) The Islamic State of Iraq and ash-Sham—Khorasan Province g) The Islamic State of Iraq and Syria—Khorasan h) Islamic State of Iraq and Levant in Khorasan Province i) Islamic State Khurasan j) ISIS-K k) ISISK l) IS-Khorasan F.k.a.: na Address: na Listed on: 14 May 2019 (Amended on 1 Apr. 2022) Other information: Islamic State of Iraq and the Levant - Khorasan (ISIL - K) was formed on January 10, 2015 by a former Tehrik-e Taliban Pakistan (TTP) (QDe.132) commander and was established by former Taliban faction commanders who swore an oath of allegiance to the Islamic State of Iraq and the Levant (listed as Al-Qaida in Iraq (QDe.115)). ISIL – K has claimed responsibility for numerous attacks in both Afghanistan and Pakistan.

    INTERPOL-UN Security Council Special Notice linked here


    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

  • 12 Apr 2022 12:00 | Malta Institute of Accountants (Administrator)


    • Iran Regime

    Council Implementing Regulation (EU) 2022/592 of 11 April 2022 implementing Regulation (EU) No 359/2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Iran

    On 11 April 2022, the Council of the European Union decided to amend Annex I to Regulation (EU) No 359 /2011 by deleting 3 entries in the list headed ‘Persons’ and by replacing 25 entries.

    Read more.


    Council Decision (CFSP) 2022/596 of 11 April 2022 amending Decision 2011/235/CFSP concerning restrictive measures directed against certain persons and entities in view of the situation in Iran

    On 11 April 2022, the Council of the European Union decided to amend Decision 2011/235/CFSP by deleting 3 entries in the listed headed ‘Persons’ and by replacing 25 entries.

    Read more.


    • Russia Regime

    Corrigendum to Council Regulation (EU) 2022/328 of 25 February 2022 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 49 of 25 February 2022)

    Annex I on page 47 has been amended as follows:

    for:

    "ITALY
    https://www.esteri.it/mae/it/politica_estera/politica_europea/misure_deroghe",

    read:

    "ITALY
    https://www.esteri.it/it/politica-estera-e-cooperazione-allo-sviluppo/politica_europea/misure_deroghe/".


    Corrigendum to Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (Official Journal of the European Union L 229 of 31 July 2014)

    Annex I, point 1 on page 7 has been amended as follows:

    for:

    "ITALY
    http://www.esteri.it/MAE/IT/Politica_Europea/Deroghe.htm"

    read:

    "ITALY
    https://www.esteri.it/it/politica-estera-e-cooperazione-allo-sviluppo/politica_europea/misure_deroghe/".


    • Ukraine Regime (Crimea)

    Corrigendum to Council Regulation (EU) No 692/2014 of 23 June 2014 concerning restrictions on the import into the Union of goods originating in Crimea or Sevastopol, in response to the illegal annexation of Crimea and Sevastopol (Official Journal of the European Union L 183 of 24 June 2014)

    The Annex on page 13 has been amended as follows:

    for:

    "ITALY
    http://www.esteri.it/MAE/IT/Politica_Europea/Deroghe.htm",

    read:

    "ITALY
    https://www.esteri.it/it/politica-estera-e-cooperazione-allo-sviluppo/politica_europea/misure_deroghe/".


    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

  • 11 Apr 2022 12:30 | Malta Institute of Accountants (Administrator)


    • Ukraine Regime

    Council Regulation (EU) 2022/580 of 8 April 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

    On 8 April 2022, the Council adopted Decision (CFSP) 2022/582 (3) amending Decision 2014/145/CFSP, that introduced further derogation options from the asset freeze and the prohibition to make funds and economic resources available to designated persons and entities. 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 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 should therefore be amended accordingly.

    Read more.


    Council Implementing Regulation (EU) 2022/581 of 8 April 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 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 its conclusions of 24 March 2022, the European Council stated that Russia’s war of aggression against Ukraine grossly violates international law and is causing massive loss of life and injury to civilians, and that the Union remains ready to close loopholes and target actual and possible circumvention of the restrictive measures already adopted, as well as to move quickly with further coordinated robust sanctions on Russia and Belarus, to effectively thwart Russian abilities to continue the aggression. In view of the gravity of the situation, the Council considers that it is appropriate to impose restrictive measures on leading businesspersons involved in economic sectors providing a substantial source of revenue to, and on persons supporting or benefitting from, the Government of the Russian Federation and on natural persons associated with those persons, including family members unduly benefitting from them. The Council also considers that the Ministers and members of the ‘People’s Council’ of the so-called ‘Donetsk People’s Republic’ and ‘Luhansk People’s Republic’ should be subject to restrictive measures. Furthermore, the Council considers that companies supporting, materially or financially, or benefitting from the Government of the Russian Federation and materially or financially supporting actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine should also be subject to restrictive measures. As a result, 216 individuals and 18 entities 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. Regulation (EU) No 269/2014 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/582 of 8 April 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 it is appropriate to impose restrictive measures on leading businesspersons involved in economic sectors providing a substantial source of revenue to, and on persons supporting or benefitting from, the Government of the Russian Federation and on natural persons associated with those persons, including family members unduly benefitting from them. The Council also considers that the Ministers and members of the ‘People’s Council’ of the so-called ‘Donetsk People’s Republic’ and ‘Luhansk People’s Republic’ should be subject to restrictive measures. Furthermore, the Council considers that companies supporting, materially or financially, or benefitting from the Government of the Russian Federation and materially or financially supporting actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine should also be subject to restrictive measures. As a result, 216 individuals and 18 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. The Council considers that a derogation to the assets freeze and the prohibition from making funds and economic resources available to designated persons and entities should be introduced for diplomatic missions. The Council considers that a derogation should be introduced for certain operations applicable to certain entities listed in the Annex to Decision 2014/145/CFSP. Decision 2014/145/CFSP should therefore be amended accordingly.

    Read more.


    Council Regulation (EU) 2022/576 of 8 April 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

    On 8 April 2022, the Council adopted Decision (CFSP) 2022/578, amending Decision 2014/512/CFSP. It extends the list of controlled items which might contribute to Russia’s military and technological enhancement or the development of its defence and security sector. It introduces additional import restrictions on certain goods from Russia, in particular on coal and other solid fossil fuels. It also introduces further export restrictions to Russia, in particular on jet fuel and other goods. Decision (CFSP) 2022/578 also prohibits the award and continued execution of public contracts and concessions with Russian nationals and entities or bodies established in Russia. Decision (CFSP) 2022/578 imposes a prohibition on the provision of support, including financing and financial assistance or any other benefit, from a Union, Euratom or Member State programme to Russian publicly owned or controlled entities. Decision (CFSP) 2022/578 also extends the prohibitions on the export of euro-denominated banknotes and on the sale of euro-denominated transferrable securities to all official currencies of the Member States. Decision (CFSP) 2022/578 extends the exemption from the prohibition to engage in transactions with certain State-owned entities as regards transactions for the purchase, import or transport of fossil fuels and certain minerals into Switzerland, the European Economic Area and the Western Balkans. It is appropriate to extend the exemptions from the prohibition on transaction with certain Russian State-owned enterprises and their subsidiaries to countries in the European Economic Area and Switzerland as well as to the Western Balkans; the Union expects the swift and full alignment of all countries in the region with EU restrictive measures, including those concerning Russia’s actions destabilising the situation in Ukraine. Decision (CFSP) 2022/578 also introduces a prohibition for road transport undertakings established in Russia to transport goods by road in the Union, and prohibits access to ports to vessels registered under the flag of Russia. It introduces a prohibition on being a beneficiary, acting as a trustee or in similar capacities for Russian persons and entities, as well as a prohibition on providing certain services to trusts. 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.

    Read more.


    Council Regulation (EU) 2022/577 of 8 April 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

    Council Decision (CFSP) 2022/579 (3) imposes further restrictive measures prohibiting the sale to Belarus of transferable securities denominated in any official currency of a Member State, and prohibiting the sale, supply, transfer or export to Belarus of banknotes denominated in any official currency of a Member State. That Decision also imposes further restrictive measures prohibiting road transport undertakings established in Belarus from transporting goods by road within the territory of the European Union. Regulation (EC) No 765/2006 should therefore be amended accordingly.

    Read more.


    Council Decision (CFSP) 2022/578 of 8 April 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. In particular, it is appropriate to extend the prohibition on deposits to crypto-wallets, as well as to extend the prohibitions on the export of euro-denominated banknotes and on the sale of euro-denominated transferrable securities to all official currencies of the Member States. It is also appropriate to prohibit the award and continued execution of public contracts and concessions with Russian nationals and entities or bodies established in Russia. Furthermore, it is appropriate to prohibit the provision of support, including financing and financial assistance or any other benefit from a Union, Euratom or Member State programme to Russian publicly owned or controlled entities. It is also appropriate to introduce a prohibition on being a beneficiary, acting as trustee or in similar capacities for Russian persons and entities, as well as a prohibition on providing certain services to trusts. Moreover, it is appropriate to prohibit access to ports in the territory of the Union to vessels registered under the flag of Russia. It is also appropriate to restrict exports of jet fuel and other goods to Russia, as well as to introduce additional import restrictions on certain goods exported by or originating from Russia, including coal and other solid fossil fuels. Finally, it should also be prohibited to any road transport undertaking established in Russia to transport goods by road within the territory of the Union, including in transit. It is also appropriate to extend the exemption from the prohibition to engage in transactions with certain State-owned entities to Switzerland, the European Economic Area and the Western Balkans. The Union expects the swift and full alignment of all countries in the region with EU restrictive measures, including those concerning Russia’s actions destabilising the situation in Ukraine. Moreover, it is also appropriate to amend or introduce certain derogations in relation to the restrictions on dual-use goods and technologies, goods and technologies which might contribute to Russia’s military and technological enhancement or the development of its defence and security sector, goods and technology suited for use in aviation or the space industry, jet fuel and fuel additives, and luxury goods. Further action by the Union is needed in order to implement certain measures. Decision 2014/512/CFSP should therefore be amended accordingly.

    Read more.


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

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

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

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


    Please find below links to the:

    EU Financial Sanctions Database

    Consolidated UN Sanctions List

    EU Sanctions Map

    Sanctions Monitoring Board

  • 5 Apr 2022 13:00 | Malta Institute of Accountants (Administrator)


    • Syria Regime

    Council Implementing Regulation (EU) 2022/535 of 4 April 2022 implementing Regulation (EU) No 36/2012 concerning restrictive measures in view of the situation in Syria

    On 04 April 2022, the Council of the European Union decided to delete two entries from the list of natural and legal persons, entities or bodies set out in Annex II to Regulation (EU) No 36/2012. Annex II to Regulation (EU) No 36/2012 has been amended accordingly.

    Read more.


    Council Implementing Decision (CFSP) 2022/539 of 4 April 2022 implementing Decision 2013/255/CFSP concerning restrictive measures against Syria

    On 04 April 2022, the Council of the European Union decided to delete two entries from the list of natural and legal persons, entities or bodies set out in Annex I to Decision 2013/255/CFSP. Annex I to Decision 2013/255/CFSP has been amended accordingly.

    Read more.


    • Ukraine Regime

    Corrigendum to 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 (Official Journal of the European Union L 87 I of 15 March 2022)

    The ‘Identifying information’ on page 4, in entry 881, has been amended to read the following:

    for:
    ‘DOB: 3.10.1948’,

    read:
    ‘DOB: 13.10.1948’.

    Read more.


    Corrigendum to 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 (Official Journal of the European Union L 87 I of 15 March 2022)

    The ’Identifying information’ on page 47, in the Annex, in entry 881 has been amended to read the following:

    for:
    ‘DOB: 3.10.1948’,

    read:
    ‘DOB: 13.10.1948’.

    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

  • 4 Apr 2022 12:39 | Malta Institute of Accountants (Administrator)


    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.


  • 16 Mar 2022 13:38 | Anonymous


    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.

    Read more.


    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.

    Read more.


    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.

    Read more.


    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.

    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

               

Contact Us

Suite 4, Level 1, Tower Business Centre, Tower Street, Swatar, BKR 4013, Malta 

E-mail: info@miamalta.org

Tel. +356 2258 1900

© MALTA INSTITUTE OF ACCOUNTANTS, 2022                                                                                         Privacy Notice