The Malta Financial Services Authority ("MFSA") has recently issued a Circular on International Sanctions (the "Circular"). The aim of this Circular is to bring to the attention of all Financial Services Licence Holders the coming into effect of restrictive measures by virtue of regulations which have been issued between July and September 2019 by the European Union (“EU”) and the United Nations Security Council (“UNSC”). These regulations have direct applicability under the Maltese Law and require no implementation measures.
The countries, persons and entities affected by the sanctions are Central African Republic, Iraq, Isil and Al-Qaida, Libya, Mali, North Korea, South Sudan, Ukraine and Venezuela.
The MFSA also requires its license holders to take note of all international sanctions as issued from time to time and to exercise caution and vigilance in order to ensure that they do not in any way support activities, individuals or entities which are subject to sanctions or other restrictive measures. Business relationships must be monitored and records verified on an on-going basis for any information or transactions that might be connected or related in any manner to these designated individuals or entities.
Any findings by licence holders as well as any action taken should also be reported to the MFSA. The MFSA also clarifies that the Official Journal of the EU and the website of the UNSC should be constantly referred to for the complete list and for any other information concerning the restrictive measures that have been issued recently.
Feel free to contact us if you require any further information on International Sanctions.