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LOCAL News

  • 28 Jun 2023 10:36 | Malta Institute of Accountants (Administrator)


    The Financial Intelligence Analysis Unit (FIAU) would like to bring to your attention that Europol has just published the European Union Terrorism Situation and Trend Report (TE-SAT) 2023.  

    Europol has been entrusted with the task of supporting Member State authorities in countering terrorism and extremism, thereby ensuring public security in the EU. A cornerstone of their efforts is the Terrorism Situation and Trend Report which is published annually by Europol. This Report serves as a comprehensive situational overview, presenting statistical data and developments within the EU's terrorism landscape.

    In its latest edition, the Terrorism Situation and Trend Report delves into the reality of terrorism in Europe throughout 2022. This comprehensive Report provides a detailed examination of various forms of terrorism, including violent extremism, jihadist terrorism, right-wing terrorism, left-wing and anarchist terrorism, as well as ethno-nationalist and separatist terrorism, among others.

    By synthesizing the findings of EU Member States, the Report offers a unique and valuable insight into emerging trends and extremist ideologies that have the potential to influence terrorist activities.

    The primary aim is to enhance the understanding and awareness of the multifaceted nature of terrorism, enabling stakeholders to develop effective strategies to address these complex challenges. 

    The European Union Terrorism Situation and Trend report 2023 (TE-SAT) can be accessed through the Europol website or through the FIAU’s website under Publications - FIAU Malta
  • 28 Jun 2023 10:22 | Malta Institute of Accountants (Administrator)


    The FIAU would like to bring to your attention the latest FATF 'High-Risk Jurisdictions subject to a Call for Action' and 'Jurisdictions under Increased Monitoring' documents issued by the FATF on the 23 of June 2023. A copy of these documents has been uploaded on the FIAU’s website under ‘Country Statements’

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

    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 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 Democratic People’s Republic of Korea’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 Myanamar 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 February 2023: Albania, Barbados, Burkina Faso, Cayman Islands, Democratic Republic of Congo, Gibraltar, Jamaica, Jordan, Mali, Mozambique, Panama, Philippines, Senegal, South Africa, South Sudan, Türkiye, UAE, and Uganda. Haiti, Nigeria, Syria, Tanzania and Yemen chose to defer reporting; thus, the statements previously issued for those jurisdictions in February 2023 are applicable, but they may not necessarily reflect the most recent status of the jurisdictions’ AML/CFT regimes. Following review, the FATF now also identifies Cameroon, Croatia and Vietnam.

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

     

    If any further information is required, you may contact the FIAU on queries@fiaumalta.org


  • 27 Jun 2023 12:58 | Malta Institute of Accountants (Administrator)


    List of economically critical goods for which businesses and third countries should be especially vigilant. The List is comprised of mainly industrial goods subject to EU’s restrictive measures for which anomalous trade flows via certain third countries to Russia have been detected.

  • 27 Jun 2023 12:57 | Malta Institute of Accountants (Administrator)


    The European Commission has rolled out a whistle-blower tool to facilitate the reporting of possible sanctions violations. This is a secure online platform, which whistle-blowers from around the world can use to anonymously report past, current, or planned EU sanctions violations.

    Although EU sanctions are adopted by the Council of the EU, Member States remain responsible for their enforcement, including through the application of penalties in case of sanctions violations. The European Commission monitors the implementation and enforcement of EU sanctions across Member States.

    Sharing first-hand information may be helpful in uncovering cases of sanctions violations, including evasion and circumvention. By voluntarily providing the European Commission with information about EU sanctions violations of which you might be aware, you could be helping the Commission investigate such practices and ensure sanctions compliance in the EU.

    To access the tool, learn how your anonymity is protected, and report a sanctions violation, please copy paste or manually re-type the following URL for security reasons: https://EUsanctions.integrityline.com in your browser.

    Links for additional information hereunder:

    https://ec.europa.eu/info/sanctions_en#whistleblower

    https://ec.europa.eu/commission/presscorner/detail/en/mex_22_1541


  • 27 Jun 2023 12:53 | Malta Institute of Accountants (Administrator)


    Addressing the circumvention of EU export restrictions against Russia: List of High Priority Battlefield Items. The list has been agreed by the Commission services in coordination with partners and is available through the hyperlink above.

  • 26 Jun 2023 13:29 | Malta Institute of Accountants (Administrator)


    Council Implementing Regulation (EU) 2023/… of 26 June 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 26 June 2023 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, seven persons should be included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 359/2011.

    Read more.

  • 26 Jun 2023 13:15 | Malta Institute of Accountants (Administrator)


    The regulations and directives concerned are the following:

    It is hereby recommended that all persons in Malta remain informed of any updates made to applicable sanctions. To subscribe to the mailing list of the Sanctions Monitoring Board one may send an email to sanctions.smb@gov.mt

    All persons in Malta may wish to consult the consolidated version of Frequently Asked Questions on the implementation of Council Regulation No 833/2014 and Council Regulation No 269/2014 published by the European Commission accordingly.

  • 19 Jun 2023 13:06 | Malta Institute of Accountants (Administrator)


    The Council of the European Union adopts new rules on markets in crypto assets (MiCA):

    On the 31st of May 2023, the Council of the European Union adopted a regulation on markets in crypto assets (MiCA) (Regulation (EU) 2023/1114). This Regulation introduces a harmonised regulatory framework in the European Union for crypto-assets, crypto-assets issuers, and crypto-asset service providers.

    MiCA Regulation aims to prevent the misuse of the crypto industry for the purposes of money laundering and financing of terrorism. It also protects investors and preserves financial stability. In addition, it covers issuers of utility tokens, asset referenced tokens and ‘stablecoins’, as well as service providers such as trading venues and the wallets where crypto assets are held.

    The MiCA Regulation shall apply from the 30th of December 2024. This is without prejudice to certain derogations indicated in Article 149 of the said Regulation.

    The MiCA Regulation was published in the EU’s Official Journal of the 9th of June 2023 and it can be accessed from here.


    Regulation on information accompanying transfers of funds and certain crypto assets and amending Directive (EU) 2015/849 (recast):

    The Council of the European Union adopted a new Regulation on information accompanying the transfers of funds, by extending the scope of the rules to transfers of crypto assets (Regulation (EU) 2023/1113).

    Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted. This ensures the traceability of crypto asset transfers to be able to better identify possible suspicious transactions and block them.

    This legislation is set to harmonise the crypto Travel Rule requirements across the European Union, as well as ensuring financial transparency on exchanges in crypto assets. Furthermore, it will provide the EU with a solid framework that complies with international standards on the exchange of crypto assets, thereby ensuring that these will not be used for criminal purposes. It should be noted that these updated rules will be supplemented by guidelines issued by the European Banking Authority.

    This new Regulation will apply as of the 30th of December 2024, when Regulation 2015/847 on “Information accompanying transfers of funds” will be repealed.

    Regulation (EU) 2023/1113 has been published in the EU’s Official Journal of the 9th of June 2023 and it can be accessed from here.

  • 6 Jun 2023 13:39 | Malta Institute of Accountants (Administrator)


    Council Implementing Regulation (EU) 2023/1098 of 5 June 2023 implementing Regulation (EU) 2020/1998 concerning restrictive measures against serious human rights violations and abuses

    On 05 June 2023, the Council of the EU added nine persons to the list of natural and legal persons, entities and bodies subject to restrictive measures in Annex I to Regulation (EU) 2020/1998.

    Read more.

  • 1 Jun 2023 13:23 | Malta Institute of Accountants (Administrator)


    Council Implementing Regulation (EU) 2023/1046 of 30 May 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.

    In view of the gravity of the situation, the Council considers that two persons responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine 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.

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

    Read more.

    For the latest updates regarding sanctions specifically imposed under the Ukraine Territorial Integrity Regime, please follow this link.

               

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