8th June 2022
On 3 June 2022 a sixth (6th) package of restrictive measures against Russia and Belarus was adopted by the Council of the European Union (EU). Apart from imposing restrictions that are of relevance to all subject persons, this package imposes or clarifies existing restrictions on the provision of trustee, accounting, auditing and tax consulting services. Subject persons are reminded that any restrictive measures adopted at EU level are directly applicable. Therefore, it is imperative that they acquaint themselves with these and implement the necessary measures to adhere to the resulting restrictions.
Additional information on this 6th package of restrictive measures can be found on the dedicated webpage maintained by the Sanctions Monitoring Board (SMB):
Subject persons are also to note that the SMB has issued a series of Guidance Notes on the implementation of EU restrictive measures, the latest of which are:
- An updated General Note on the applicable prohibitions in terms of restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.
- FAQs relating to Article 5m of Council Regulation (EU) 2022/879 of 3 June 2022 amending Regulation (EU) No 833/2014.
- FAQs relating to Article 5n of Council Regulation (EU) 2022/879 of 3 June 2022 amending Regulation (EU) No 833/2014.
The Guidance Notes issued by the SMB can be accessed through the following link:
https://foreign.gov.mt/en/Government/SMB/Pages/Guidance-Notes.aspx
Furthermore, the Financial Intelligence Analysis Unit (FIAU) would like to remind subject persons of its own Guidance Note on the interplay between anti-money laundering and contrasting the funding of terrorism obligations and the restrictive measures applicable in the context of the current situation in Ukraine. The Guidance Note is accessible through the FIAU’s own website.
Subject persons carrying out relevant financial business are also reminded of the Statement issued by the European Banking Authority on financial inclusion in the context of the current situation in Ukraine. This statement can be accessed through the following link: