Title: Maltese Companies Required to Comply with EU Sanctions against Libyan Arab Jamahiriya
Overview
The Maltese Financial Services Authority (MFSA) is reminding Maltese companies’ directors and company secretaries of the European Union (EU) sanctions imposed on Libyan Arab Jamahiriya and designated individuals and entities in connection with the ongoing conflict in Libya.
Regulations and Instruments
- Maltese companies need to comply with the following instruments:
- Legal Notice 69 of 2011 (amended by Legal Notice 77 of 2011)
- Council Regulation (EU) No 204/2011
- Council Implementing Regulation (EU) No 233/2011
Find these instruments on the MFSA website under EU & International Affairs > International affairs > International Sanctions.
Restrictive Measures
The regulations impose:
- An arms embargo against Libya
- A prohibition on travel to EU countries for certain individuals
- An asset freeze on all funds, financial assets, and economic resources owned or controlled by designated individuals and entities
Compliance Requirements
- Freeze all assets, including shares, bonds, debentures, and other securities, owned by designated individuals or entities
- Do not approve, authorize, or make any payment to these entities
- Do not recognize, record or register any transfer or disposal of their holdings
- Notify the Sanctions Monitoring Board at the Ministry for Foreign Affairs about any held or frozen funds or assets
Penalties for Non-Compliance
Failure to comply with these sanctions is a criminal offense, punishable by:
- Imprisonment
- Fines
Recommendations
- Stay informed about new or additional sanctions
- Exercise caution and vigilance
- Seek professional advice to ensure you are not inadvertently supporting sanctioned individuals or entities
MFSA Circular Reference
[MFSA reference number for these circulars is 16-2011]