The MFSA has just published a notice addressed to Financial Services Licence Holders drawing their attention to Regulations issued by the Council of the European Union in respect of certain problematic jurisdictions and/or regimes. The recent Regulations amend other regulations which had been issued in the past by adding a number of entities and individuals to the sanction lists which had already been published. A number of individuals and entities have also been removed from the sanctions list.
The MFSA has also drawn the attention of License Holders to the importance that note is take of all international sanctions and to have procedures and systems in place with a view to abiding by such rules. In this respect, business relationships must be monitored attentively, and an examination of records undertaken regularly with a view at identifying and possible suspicion. Where suspicious activities are identified, it is necessary that a report is filed with the MFSA, setting out the finding as well as any action taken. Such report must be filed within 10 days and copied to the Sanctions Monitoring Board at the Ministry of Foreign Affairs and must include information about any funds, financial assets and economic resources which have been identified to be owned or controlled, directly or indirectly, by the designated individuals and entities and which they have frozen in terms of sanctions.
