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SMB: Update in the Official Journal of the EU

3 Mar 2022 09:46 | Deleted user

Ukraine Regime

Council Regulation (EU) 2022/345 of 1 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 01 March 2022, the Council of the European Union adopted Decision (CFSP) 2022/346, amending Decision 2014/512/CFSP and imposing further restrictive measures with regard to the provision of specialised financial messaging services to certain Russian credit institutions and their Russian subsidiaries, which are relevant for the Russian financial system and which are already the subject of restrictive measures imposed by the Union or by partner countries and, subject to certain exceptions, with regard to engagement with the Russian Direct Investment Fund. It also prohibits, subject to certain exceptions, the supply of euro banknotes to Russia.

Regulation (EU) No 833/2014 has been amended accordingly.

Council Decision (CFSP) 2022/346 of 1 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures with regard to the provision of specialised financial messaging services to certain Russian credit institutions and their Russian subsidiaries, which are relevant for the Russian financial system and which are already the subject of restrictive measures imposed by the Union or by partner countries and, subject to certain exceptions, with regard to engagement with the Russian Direct Investment Fund. It is also appropriate to prohibit, subject to certain exceptions, the supply of euro denominated banknotes to Russia.

Decision 2014/512/CFSP has been amended accordingly.

Council Regulation (EU) 2022/350 of 1 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s actions destabilising the situation in Ukraine, it is necessary, consistent with the fundamental rights and freedoms recognised in the Charter of Fundamental Rights, in particular with the right to freedom of expression and information as recognised in Article 11 thereof, to introduce further restrictive measures to urgently suspend the broadcasting activities of such media outlets in the Union, or directed at the Union. These measures should be maintained until the aggression against Ukraine is put to an end, and until the Russian Federation, and its associated media outlets, cease to conduct propaganda actions against the Union and its Member States.

Regulation (EU) No 833/2014 has been amended accordingly.

Council Decision (CFSP) 2022/351 of 1 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s actions destabilising the situation in Ukraine, it is necessary, consistent with the fundamental rights and freedoms recognised in the Charter of Fundamental Rights, in particular with the right to freedom of expression and information as recognised in Article 11 thereof, to introduce further restrictive measures to urgently suspend the broadcasting activities of such media outlets in the Union, or directed at the Union. These measures should be maintained until the aggression against Ukraine is put to an end, and until the Russian Federation, and its associated media outlets, cease to conduct propaganda actions against the Union and its Member States.

Decision 2014/512/CFSP has 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:

FIAU: EU Commission Delegated Act on High Risk Third Countries - 22 February 2022

3 Mar 2022 00:00 | Deleted user

The Financial Intelligence Analysis Unit (FIAU) would like to bring to your attention the latest Delegated Act of the European Union’s (EU) Commission on High Risk Third Countries, which was adopted by virtue of Delegated Regulation (EU) 2022/229 of 7 January 2022 and published in the EU’s Official Journal of 22 February 2022. A copy of this document has been uploaded on the FIAU’s website under ‘Country Statements’.

In terms of Article 9 of Directive (EU) 2015/849, the European Commission is to identify third countries which present strategic deficiencies in their AML/CFT regimes and which pose a significant threat to the EU’s financial system (“high risk third countries”). The resulting list, which is reviewed and updated from time to time, is then made public through delegated acts.

A high risk third country is considered as a non-reputable jurisdiction in line with the definition provided under Regulation 2(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR). It is important that, in ensuring compliance with their obligations under Regulation 11(10) and Regulation 11(11) of the PMLFTR, as well as with Section 8.1.1 and Section 8.1.3 of the Implementing Procedures - Part I as they may be applicable, subject persons also take note of the EU’s consolidated list of high risk third countries.

While the resulting list of high risk third countries presents similarities with the FATF’s own lists, it is important that subject persons are aware that the two are not identical and a country may be present on one list but not on the other.

Any queries in relation to the above should be addressed on queries@fiaumalta.org.

FIAU: Sanctions adopted in response to the current situation in Ukraine

3 Mar 2022 00:00 | Deleted user

The current situation in Ukraine has once more brought to the fore the importance of ensuring that all subject persons adhere to their obligations arising from the National Interest (Enabling Powers) Act and from the Prevention of Money Laundering and Funding of Terrorism Regulations, as complemented and expanded upon by the Implementing Procedures. To this end, the Financial Intelligence Analysis Unit has issued a Guidance Note addressed to all subject persons on sanctions, anti-money laundering and counter-funding of terrorism obligations (AML/CFT) and the interplay between the two. The said Guidance Note can be accessed here.

Subject persons are invited to keep abreast of developments, including keeping themselves updated as to the latest sanctions and restrictive measures imposed by the European Union. Information on these measures can be accessed through the following dedicate webpage maintained by the Sanctions Monitoring Board (SMB) here.

In addition, subject persons are invited to consult the FIAU’s Guidance Note to better understand how sanctions influence and interact with their AML/CFT obligations. This Guidance Note complements the one recently issued by the SMB on the imposition of European Union sanctions concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. This latter document is accessible through the following link.

Any questions relative to this Guidance Note and AML/CFT should be forwarded via email on the following email address – queries@fiaumalta.org. Where the query relates to sanctions, subject persons are to seek directions from the Sanctions Monitoring Board. Queries may be sent by email on the following email address – sanctions.mfea@gov.mt.

SMB: Update in the Official Journal of the EU

2 Mar 2022 14:09 | Deleted user

Somalia Regime

Council Implementing Regulation (EU) 2022/340 of 28 February 2022 implementing Article 12 of Regulation (EU) No 356/2010 imposing certain specific restrictive measures directed against certain natural or legal persons, entities or bodies, in view of the situation in Somalia and Council Implementing Decision (CFSP) 2022/341 of 28 February 2022 implementing Decision 2010/231/CFSP concerning restrictive measures against Somalia

On 28 February 2022, the Council of the European Union decided to amend Annex I to Regulation (EU) No 356/2010 by adding a person to the list set out in the same Annex and amended Annex I to Decision 2010/231/CFSP accordingly.

For further information please click here and here.

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:

EU Consolidated Financial Sanctions List

2 Mar 2022 14:04 | Deleted user

The European Union Consolidated Financial Sanctions List updated on 01 March 2022 at 11:00 to include the latest designations made under the restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

For further details please kindly consult the following link.

Publication in the Official Journal

1 Mar 2022 11:17 | Deleted user

Ukraine Regime

Council Implementing Regulation (EU) 2022/336 of 28 February 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

In view of the gravity of the situation, the Council considers that 26 persons and one entity 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. For further details please kindly consult the following link.

Council Decision (CFSP) 2022/337 of 28 February 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

In view of the gravity of the situation, the Council considers that 26 persons and one entity should be added to the list of persons, entities and bodies subject to restrictive measures set out in Annex to Decision 2014/145/CFSP.

Annex to Decision 2014/145/CFSP has therefore been amended accordingly. For further details please kindly consult the following link.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the:

Publication in the Official Journal of the EU

28 Feb 2022 13:44 | Deleted user

Ukraine Regime

1. Council Decision (CFSP) 2022/327 of 25 February 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s actions destabilising the situation in Ukraine, it is appropriate to introduce further restrictive measures related to the finance, defence, energy, aviation, and space sectors.

Existing financial restrictions, in particular those on access by certain Russian entities to capital markets shall be expanded. The listing and provision of services in relation to shares of Russian state-owned entities on Union trading venues should also be prohibited. It is also necessary to introduce new measures which significantly limit the financial inflows from Russia to the Union by prohibiting the acceptance of deposits exceeding certain values from Russian nationals or residents, the holding of accounts of Russian clients by Union central securities depositories, as well as the selling of euro-denominated securities to Russian clients.

Furthermore, it is appropriate to impose further restrictions on exports of dual-use goods and technology and on the provision of related services, as well as restrictions on exports of certain goods and technology which might contribute to Russia’s technological enhancement of its defence and security sector, together with restrictions on the provision of related services. Limited exemptions to such restrictions are envisioned for legitimate and pre-determined purposes only.

It is also appropriate to impose restrictions on the sale, supply, transfer or export to Russia of specific goods and technologies for use in oil refining, together with restrictions on the provision of related services.

Furthermore, it is appropriate to introduce an export ban covering goods and technology suited for use in aviation and the space industry, as well as to prohibit the provision of insurance and reinsurance and maintenance services in relation to those goods and technology. It should also be prohibited to provide technical assistance and other related services as well as financing and financial assistance in relation to the goods and technology subject to this prohibition.

2. Council Regulation (EU) 2022/328 of 25 February 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

In view of the gravity of the situation, on 25 February 2022 the Council adopted Decision (CFSP)2022/327, amending Decision 2014/512/CFSP and imposing further restrictive measures in various sectors, particularly defence, energy, aviation and finance.

Decision (CFSP) 2022/327 imposes further restrictions on exports of dual-use goods and technology and on the provision of related services, as well as restrictions on exports of certain goods and technology which might contribute to Russia’s technological enhancement of its defence and security sector. It also introduces restrictions on the provision of related services. Limited exemptions to such restrictions are envisioned for legitimate and pre-determined purposes. Furthermore, that Decision prohibits the provision of public financing or financial assistance for trade with, or investment in, Russia, subject to certain exceptions.

Decision (CFSP) 2022/327 also prohibits the sale, supply, transfer or export to Russia of specific goods and technologies for use in oil refining, together with restrictions on the provision of related services.

Furthermore, Decision (CFSP) 2022/327 introduces an export ban covering goods and technology suited for use in aviation and the space industry and prohibits the provision of insurance and reinsurance and maintenance services in relation to those goods and technology. It also prohibits the provision of technical assistance and other related services as well as financing and financial assistance in relation to the goods and technology subject to this prohibition.

Decision (CFSP) 2022/327 further expands the existing financial restrictions, in particular those on access by certain Russian entities to the capital markets. It also prohibits the listing and provision of services in relation to shares of Russian state-owned entities on Union trading venues. In addition, it introduces new measures which significantly limit the financial inflows from Russia to the Union by prohibiting the acceptance of deposits exceeding certain values from Russian nationals or residents, the holding of accounts of Russian clients by the Union central securities depositories as well as the selling of euro-denominated securities to Russian clients.

These measures fall within the scope of the Treaty and, therefore, in particular with a view to ensuring their uniform application in all Member States, regulatory action at the level of the Union is necessary.

3. Council Decision (CFSP) 2022/329 of 25 February 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

On 24 February 2022, the High Representative issued a declaration on behalf of the Union condemning in the strongest possible terms the unprovoked invasion of Ukraine by armed forces of the Russian Federation and the involvement of Belarus in this aggression against Ukraine. The High Representative indicated that the Union’s response will include both sectoral and individual restrictive measures.

In view of the gravity of the situation, the Council considers that the criteria of designation should be amended to include persons and entities supporting and benefitting from the Government of the Russian Federation as well as persons and entities providing a substantial source of revenue to it, and natural or legal persons associated with listed persons or entities.

4. Council Regulation (EU) 2022/330 of 25 February 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

On 25 February 2022, the Council adopted Decision (CFSP) 2022/329, which amends Decision 2014/145/CFSP and provides for amended listing criteria. Article 3 of Regulation (EU) No 269/2014, paragraph 1 has been amended accordingly.

5. Council Decision (CFSP) 2022/331 of 25 February 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

On 24 February 2022, the High Representative issued a declaration on behalf of the Union condemning in the strongest possible terms the unprovoked invasion of Ukraine by armed forces of the Russian Federation and the involvement of Belarus in this aggression against Ukraine. The High Representative indicated that the Union's response will include both sectoral and individual restrictive measures.

In view of the gravity of the situation, the Council considers that the members of the National Security Council who supported Russia's immediate recognition of the two self-proclaimed republics Donetsk and Luhansk should be added to the list of persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2014/145/CFSP. In addition, that list should include the persons who facilitated the Russian military aggression from Belarus, as well as those members of the State Duma not yet included in that list who ratified the government decisions of the 'Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People's Republic and between the Russian Federation and the Luhansk People's Republic'.

Accordingly, the persons listed in the Annex to this Decision shall be added to the list set out in the Annex to Decision 2014/145/CFSP.

6. Council Implementing Regulation (EU) 2022/332 of 25 February 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 24 February 2022, the High Representative issued a declaration on behalf of the Union condemning in the strongest possible terms the unprovoked invasion of Ukraine by armed forces of the Russian Federation and the involvement of Belarus in this aggression against Ukraine. The High Representative indicated that the Union's response will include both sectoral and individual restrictive measures.

In view of the gravity of the situation, the Council considers that the members of the National Security Council who supported Russia's immediate recognition of the two self-proclaimed republics Donetsk and Luhansk 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. In addition, that list should include the persons who facilitated the Russian military aggression from Belarus, as well as those members of the State Duma not yet included in that list who ratified the government decisions of the 'Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People's Republic and between the Russian Federation and the Luhansk People's Republic'.

Accordingly, the persons listed in the Annex to this Regulation shall be added to the list set out in Annex I to Regulation (EU) No 269/2014.

7. Council Regulation (EU) 2022/334 of 28 February 2022 amending Council Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 28 February 2022 the Council adopted Decision (CFSP) 2022/335 amending Decision 2014/512/CFSP. That Decision imposed further restrictive measures prohibiting Russian air carriers, any Russian-registered aircraft, and any non-Russian-registered aircraft which is owned or chartered, or otherwise controlled by any Russian natural or legal person, entity or body from landing in, taking off from, or overflying, the territory of the Union. It also prohibits any transactions with the Central Bank of Russia.

Accordingly, Regulation (EU) No 833/2014 has been amended accordingly.

8. Council Decision (CFSP) 2022/335 of 28 February 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, and in response to Russia’s actions destabilising the situation in Ukraine, it is appropriate to introduce further restrictive measures related to finance and aviation. In particular, it is appropriate to prohibit any transactions with the Central Bank of Russia.

Furthermore, Member States should be required to deny permission to land in, take off from, or overfly, their territories to any aircraft operated by Russian air carriers, including as a marketing carrier, to any Russian-registered aircraft, and to non-Russian-registered aircraft which are owned or chartered, or otherwise controlled by a Russian legal or natural person.

Decision 2014/512/CFSP has therefore been amended accordingly.

Please kindly refer to each respective link for further details.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the:

Publication in the Official Journal of the EU

28 Feb 2022 13:34 | Deleted user

Syria Regime

Council Implementing Regulation (EU) 2022/299 of 24 February 2022 implementing Regulation (EU) No 36/2012 concerning restrictive measures in view of the situation in Syria and Council Implementing Decision (CFSP) 2022/306 of 24 February 2022 implementing Decision 2013/255/CFSP concerning restrictive measures against Syria.

Further information can be found here and here.

On 24 February 2022 the Council of the EU deleted one entry from the list set out in Section A (Persons) of Annex II to Regulation (EU) No 36/2012. For further information please consult the above links.

Belarus Regime

Council Implementing Regulation (EU) 2022/300 of 24 February 2022 implementing Article 8a of Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus and Council Decision (CFSP) 2022/307 of 24 February 2022 amending Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus.

Further information can be found here and here.

On 24 February 2022 the Council of the EU decided to amend Annex I to Regulation (EC) No 765/2006 as set out in the Annex to the above linked Regulation. Please kindly consult the above links for further information.

Please be reminded that all EU/UN sanctions are directly applicable under Maltese law (without the need of any further legislation or notification) 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.mftp@gov.mt on any issue relating to sanctions.

Please find below links to the: