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Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing: Mandate for negotiations with the European Parliament

Annexes to the AML regulation

Directive on the mechanisms to be put in place by the member states for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing directive

SMB: Updates to Applicable Sanctions

23 Jan 2023 11:00 | Anonymous

The UN has published a Press Release on ISIL (Da’esh) and Al-Qaida Sanctions Regime. This is in relation to the event which took place on 16^th January 2023, when the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities approved the addition of the entry in the above link to its ISIL (Da’esh) and Al-Qaida Sanctions List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of Security Council resolution 2610 (2021) and adopted under Chapter VII of the Charter of the United Nations.

The Sanctions Monitoring Board reiterates 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.

EU AML Legislative Package - Council mandate reached on the AMLR and AMLD6

11 Jan 2023 15:00 | Anonymous

The FIAU would like to notify subject persons that a political agreement at Council level has been reached on the proposed Anti-Money Laundering Regulation (AMLR) and the new 6th Anti-Money Laundering Directive (AMLD6) pending first reading of such legislative texts at the European Parliament. The Council is now in a position to commence negotiations with the European Parliament, for the eventual agreement and adoption of the final version of the legislative texts.

Attention is to be given to a number of changes proposed by the Council. These include the following:

1. The list of obliged entities (termed as 'subject persons' under national law) has increased to include persons trading in precious metals, precious stones, and cultural goods as well as jewellers, horologists, and goldsmiths where the value of the transaction or linked transactions amounts to at least EUR 10,000.

2. Outsourcing rules have been further clarified, including in relation to which tasks may or may not be outsourced particularly in the context of collective investment schemes.

3. More detailed rules on the scope of an obliged entity’s internal policies, procedures, and controls as well as on the compliance function of an obliged entity have been included.

4. Beneficial ownership rules have been developed with the aim of harmonising as much as possible the interpretation of the elements of ‘ownership’ and ‘control’. These rules cover more clearly instances of beneficial ownership identification in the context of multi-layered structures not only for corporate and other similar legal entities, but also more specifically in the case of express trusts, foundations, and collective investment schemes. Rules on the identification of class of beneficiaries have also been further clarified.

5. The FATF listings of monitored and high-risk jurisdictions, where these concern third countries, will be automatically replicated by the EU in two corresponding lists provided that certain criteria are satisfied. This is intended to avoid having to replicate the assessment and identification process performed by the FATF thereby ensuring a prompt transcription of the FATF listings.

Subject persons are once again reminded that the EU legislative procedure in relation to the above texts is still ongoing, and therefore the above changes are not to be considered as final. It is advised that where possible, any further developments in the negotiation process are followed by subject persons.

The amended texts of the proposed AMLR and AMLD6 may be accessed through the following links:

Publication in the Official Journal

4 Jan 2023 13:00 | Anonymous

Libya Regime

• Council Implementing Regulation (EU) 2022/2525 of 21 December 2022 implementing Regulation (EU) 2016/44 concerning restrictive measures in view of the situation in Libya

The Council of the European Union on 21 December 2022 decided to delete the entry for one listed entity from Annex III to Regulation (EU) No 204/2011 in accordance with the judgement of the General Court in Case T-627/20.

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:

MGA Issues Revised Approved Audit Service Provider Policy

20 Dec 2022 14:00 | Anonymous

On 7th December 2022, the Malta Gaming Authority (MGA) has issued the Revised Approved Audit Service Provider Policy available online here.

MGA noted that whilst the new policy presents some revised procedural and compliance-related amendments, its principal change is the introduction of other audit-related engagements within its scope. Whereas the previous policy issued in 2018 was limited to the approval of audit firms performing system and compliance audits, the revised policy now also extends to the following audit-related engagements:

System Reviews (performed after the first year from licence issuance, or within a shorter timeframe should a system audit not be required at the licence issuance stage);
Statutory Audits (Audited Financial Statements); and
Agreed Upon Procedures (engagement related to player funds and gaming revenue declarations in accordance with ISRS 4400).

In this regard, the MGA notified all auditors and licensees that:

The revised policy shall enter into force with immediate effect, therefore any renewal applications yet to be submitted shall be in conformity with the new Policy;
Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform System Reviews, hence they will not be required to obtain additional approval;
Audit firms which are currently on the MGA’s list of approved system and compliance auditors shall be automatically permitted to perform Statutory Audits and Agreed Upon Procedures provided that the respective firm is recognised as an audit firm by the Accountancy Board;
The requirement for audit firms to be approved prior to performing Statutory Audits and/or Agreed Upon Procedures shall be applicable for financial years ending December 2022 onwards;
Audit firms which are not currently on the MGA’s approved list and intend to perform Statutory Audits and/or Agreed Upon Procedures, for financial years ending December 2022 onwards shall be required to submit an application by not later than 31 January 2023;
Audit firms which have already entered into letters of engagement for the performance of Statutory Audits and/or Agreed Upon Procedures for financial years ending December 2022 onwards may proceed with such engagements; and
Licensees shall ensure that new audit-related engagements falling within the scope of this Policy are only entered into with auditors approved by the MGA.

Any queries are to be addressed to info.mga@mga.org.mt.

While bringing to your attention the above and the revised policy, the Malta Institute of Accountants notes that discussions are ongoing with MGA in order to seek clarity on a number of areas.

Publication in the Official Journal

20 Dec 2022 12:00 | Anonymous

Belarus Regime

• Corrigendum to Council Implementing Decision (CFSP) 2021/1002 of 21 June 2021 implementing Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus (Official Journal of the European Union L 219 I of 21 June 2021)

Entry 125 under the heading ‘Identifying Information’, in the Annex on page 84 has been amended as follows:

for:

‘DOB: 09.05.1958’,

read:

‘DOB: 09.03.1958’.

• Corrigendum to Council Implementing Regulation (EU) 2021/997 of 21 June 2021 implementing Article 8a(1) of Regulation (EC) No 765/2006 concerning restrictive measures in respect of Belarus (Official Journal of the European Union L 219 I of 21 June 2021)

Entry 125 under the heading ‘Identifying Information’, in the Annex on page 20 has been amended as follows:

for:

‘DOB: 09.05.1958’,

read:

‘DOB: 09.03.1958’.

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:

SMB: Publication in the Official Journal

19 Dec 2022 12:30 | Anonymous

Ukraine Regime

• Council Regulation (EU) 2022/2474 of 16 December 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014. Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP. On 16 December 2022 the Council adopted Decision (CFSP) 2022/2478 amending Decision 2014/512/CFSP. It is appropriate to extend the list of restricted items which might contribute to Russia’s military and technological enhancement or the development of its defence and security sector, by adding drone engines, further chemical and biological equipment, riot control agents and electronic components. Regulation (EU) No 833/2014 has therefore been amended accordingly.

Council Regulation (EU) 2022/2475 of 16 December 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

Council Regulation (EU) No 269/2014 (2) gives effect to the restrictive measures provided for in Decision 2014/145/CFSP. On 16 December 2022, the Council adopted Decision (CFSP) 2022/2479 (3), amending Decision 2014/145/CFSP. Decision (CFSP) 2022/2479 introduced a new deadline for the derogation allowing the divestment by a specific listed entity. Regulation (EU) No 269/2014 has therefore been amended accordingly.

• Council Implementing Regulation (EU) 2022/2476 of 16 December 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 17 March 2014, the Council adopted Regulation (EU) No 269/2014. The Union remains unwavering in its support for Ukraine’s sovereignty and territorial integrity. In view of the gravity of the situation, the Council considers that 141 persons and 49 entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine 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. Annex I to Regulation (EU) No 269/2014 has therefore been amended accordingly.

Subscribers are to kindly note that the above mentioned listings refer to the ninth package of sanctions by the European Union in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. For further guidance, kindly also consult the Council’s official press release on the matter in this link.

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:

SMB: Publication in the Official Journal

14 Dec 2022 14:00 | Anonymous

Mali Regime

• Council Implementing Regulation (EU) 2022/2436 of 12 December 2022 implementing Article 12(2) of Regulation (EU) 2017/1770 concerning restrictive measures in view of the situation in Mali

On 28 September 2017, the Council adopted Regulation (EU) 2017/1770. On 13 December 2021, the Council adopted Regulation (EU) 2021/2201 (2) to give effect to Council Decision (CFSP) 2021/2208 (3), which amended Council Decision (CFSP) 2017/1775 (4) and established a new framework that allows for additional restrictive measures against individuals and entities responsible for threatening the peace, security or stability of Mali, or for obstructing or undermining the successful completion of Mali’s political transition. The Council has reviewed the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex Ia to Regulation (EU) 2017/1770. On the basis of that review, the statements of reasons and the identifying information for the five persons included in the list set out in Annex Ia to Regulation (EU) 2017/1770 should be amended. Annex Ia to Regulation (EU) 2017/1770 has therefore been amended accordingly.

Iran Regime

• Council Implementing Regulation (EU) 2022/2428 of 12 December 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 12 April 2011, the Council adopted Regulation (EU) No 359/2011. On 25 September 2022, the High Representative of the Union for Foreign Affairs and Security Policy issued a declaration on behalf of the Union deploring the widespread and disproportionate use of force by the Iranian security forces against non-violent protestors, noting that it had resulted in the loss of lives as well as a large number of injuries. In this context, and in line with the Union’s commitment to address all issues of concern with Iran, including the human rights situation, 20 persons and one entity should be included in the list of persons and entities subject to restrictive measures in Annex I to Regulation (EU) No 359/2011. Regulation (EU) No 359/2011 has therefore been amended accordingly.

Democratic People’s Republic of Korea Regime

• Council Implementing Regulation (EU) 2022/2429 of 12 December 2022 implementing Regulation (EU) 2017/1509 concerning restrictive measures against the Democratic People’s Republic of Korea

On 30 August 2017, the Council adopted Regulation (EU) 2017/1509. In its conclusions of 17 July 2017, the Council stated that the Union would consider further appropriate responses to actions by the Democratic People’s Republic of Korea (DPRK) that undermine the global non-proliferation and disarmament regime, in particular through additional autonomous restrictive measures. On 22 December 2017, the United Nations Security Council (UNSC) adopted Resolution (‘UNSCR’) 2397 (2017). In view of the recent, 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 (including two vessels) should be included in the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annexes XV and XVI to Regulation (EU) 2017/1509. Regulation (EU) 2017/1509 has therefore been amended accordingly.

Ukraine Regime

• Council Implementing Regulation (EU) 2022/2430 of 12 December 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 17 March 2014, the Council adopted Regulation (EU) No 269/2014. The Union remains unwavering in its support for Ukraine’s sovereignty and territorial integrity. Iran provides military support for Russia’s unprovoked and unjustified war of aggression against Ukraine. In view of the gravity of the situation, the Council considers that four individuals and four entities involved in the development and delivery of Unmanned Aerial Vehicles to Russia 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.

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:

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.316.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A316I%3ATOC

Helping People Change through Coaching Conversations

14 Dec 2022 12:30 | Anonymous

If you do not know what effective coaching looks like, the good news is that with time and practice you can learn the skills that are most important to coaching, from assisting with goal-setting to showing empathy. Coaching is a craft. However, simply having the tools does not make you a craftsperson – any new skill is developed with practice. Developing your coaching skills will only come from deliberate practice.

What is coaching? Coaching is about tapping into a potential that would otherwise be idle and using it for the benefit of the team member and the company. According to the International Coaching Federation (ICF), coaching improves work performance by 70 per cent, time management by 57 per cent and team effectiveness by 51 per cent.

Coaching also impacts the manager or leader who coaches. Team members come up with their perspectives, ideas and solutions, and become more engaged and take ownership of their growth – coaching draws out the brilliance in the person or team being coached.

The ability to coach helps you increase your employees` commitment and level of engagement, and helps you avoid or handle problems that interfere with working relationships and productivity. Coaching others can also make it easier for you to achieve your own goals and make you more valuable to your organisation.

Coaching skills can be applied to a variety of situations. Common coaching situations involve the “big picture” view of identifying a plan, or a more detailed view of improving performance in specific areas.

On 16^th December 2022, Karl Grech, Performance Coach and Trainer, will be presenting a CPE session on Coaching Conversations – helping people change. This session covers some basics of how one can hold a coaching conversation. It will look into coaching some specific situations and how to apply the various skills to gain confidence to have these conversations. As a result, participants will be able to target specific areas to improve, motivate and inspire their people, communicate more effectively as a coach, and increase job satisfaction. Register here!

SMB: Publications in the Official Journal

12 Dec 2022 11:54 | Anonymous

Democratic Republic of the Congo Regime

Council Implementing Regulation (EU) 2022/2397 of 8 December 2022 implementing Regulation (EC) No 1183/2005 concerning restrictive measures in view of the situation in the Democratic Republic of the Congo

On 18 July 2005, the Council adopted Regulation (EC) No 1183/2005. Further to an evaluation of the relevant circumstances and in view of the gravity of the situation in the Democratic Republic of the Congo, the Council considers that eight persons should be added to the list of persons, entities and bodies set out in Annex Ia to Regulation (EC) No 1183/2005. Annex Ia to Regulation (EC) No 1183/2005 has therefore been amended accordingly.

Council Implementing Regulation (EU) 2022/2401 of 8 December 2022 implementing Article 9 of Regulation (EC) No 1183/2005 concerning restrictive measures in view of the situation in the Democratic Republic of the Congo

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.317.01.0032.01.ENG&toc=OJ%3AL%3A2022%3A317%3ATOC

On 18 July 2005, the Council adopted Regulation (EC) No 1183/2005. Following a review of the additional restrictive measures laid down in Article 2b of Regulation (EC) No 1183/2005, the statements of reasons relating to certain persons listed in Annex Ia to Regulation (EC) No 1183/2005 should be amended. Regulation (EC) No 1183/2005 has therefore been amended accordingly.

Council Implementing Decision (CFSP) 2022/2398 of 8 December 2022 implementing Decision 2010/788/CFSP concerning restrictive measures in view of the situation in the Democratic Republic of the Congo

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.316.01.0007.01.ENG&toc=OJ%3AL%3A2022%3A316I%3ATOC

On 20 December 2010, the Council adopted Decision 2010/788/CFSP. On 12 December 2016, the Council adopted Decision (CFSP) 2016/2231 in response to the obstruction of the electoral process and the related human rights violations in the Democratic Republic of the Congo (DRC). Decision (CFSP) 2016/2231 amended Decision 2010/788/CFSP and introduced additional restrictive measures.

Further to an evaluation of the relevant circumstances and in view of the gravity of the situation in the DRC, the Council considers that eight persons should be added to the list of persons and entities set out in Annex II to Decision 2010/788/CFSP. Decision 2010/788/CFSP has therefore beenamended accordingly.

Council Decision (CFSP) 2022/2412 of 8 December 2022 amending Decision 2010/788/CFSP concerning restrictive measures in view of the situation in the Democratic Republic of the Congo

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.317.01.0122.01.ENG&toc=OJ%3AL%3A2022%3A317%3ATOC

On 20 December 2010, the Council adopted Decision 2010/788/CFSP. On 12 December 2016, the Council adopted Decision (CFSP) 2016/2231. Decision (CFSP) 2016/2231 amended Decision 2010/788/CFSP and introduced additional restrictive measures in Article 3(2) of Decision 2010/788/CFSP.

Following a review of the restrictive measures laid down in Article 3(2) of Decision 2010/788/CFSP, and considering the continuing violations of human rights, instability and insecurity in the Democratic Republic of the Congo, those measures should be renewed until 12 December 2023. The statements of reasons relating to certain persons listed in Annex II to Decision 2010/788/CFSP havealso been amended.

Decision 2010/788/CFSP has therefore been amended accordingly.

For further information, kindly consult the above links and attachments.

_______________________________________________________________________________________________________________________________________________________________________________________________________

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 hereunder:

http://www.justiceservices.gov.mt/DownloadDocument.aspx?app=lom&itemid=8835&l=1

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: