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Financial Crime in Malta: Understanding International Sanctions
Malta has implemented various international sanctions to combat financial crime and promote global peace and security. These sanctions are primarily issued by the United Nations Security Council, the European Union, and the United States.
Purpose of Sanctions
The purpose of these sanctions varies, but they often aim to:
- Force a country or organization to comply with international law
- Contain threats to regional or global peace
- Condemn the actions of a particular government
Sanctions may be imposed in response to:
- Human rights violations
- Terrorism
- Other serious concerns
Requirements for Financial Institutions and Individuals
In Malta, financial institutions and individuals are required to take note of all international sanctions and exercise caution when conducting business activities. The Malta Financial Services Authority (MFSA) requires license holders to:
- Monitor their relationships
- Verify records for any information connected to designated individuals or entities
Reporting Obligations
License holders must report findings to the Sanctions Monitoring Board and the MFSA, and inform them of any action taken. This includes freezing funds, financial assets, and economic resources belonging to designated individuals or entities.
EU Sanctions
Malta has also implemented reporting obligations in terms of:
- Council Regulations (EU) No 267/2012 regarding Iran
- (EU) 208/2014 regarding Ukraine
- (EU) 101/2011 regarding Tunisia
- (EU) 270/2011 regarding Egypt
The Sanctions Monitoring Board is responsible for coordinating the collation and transmission of this information.
US Sanctions
In addition to EU sanctions, Malta has also taken note of US sanctions imposed on various countries, individuals, and entities. These sanctions are enforced by the Office of Foreign Assets Control (OFAC) and can have significant financial implications for businesses that fail to comply.
Compliance Assistance
The MFSA aims to assist license holders and other interested persons in being aware of and complying with international sanctions. The Sanctions Monitoring Board is the competent authority for sanctions-related matters in Malta, and information on international sanctions is available through their website.
Conclusion
Understanding international sanctions is crucial for financial institutions and individuals operating in Malta to ensure they do not support activities, individuals, or entities subject to sanctions or become unwittingly involved in the violation of sanctions. It is recommended that individuals consult the appropriate Sanctions Monitoring Board, United Nations, and EU websites for complete and up-to-date information and seek professional advice as necessary.