MFSA Notice: Financial Sanctions related to Terrorism & Terrorist Financing

MFSA Notice: Financial Sanctions related to Terrorism & Terrorist Financing

On the 1st April 2015 the Malta Financial Services Authority (MFSA) issued a Notice to all Financial Services Licence Holders to highlight the importance of effective and continuing compliance with new and existing UN and EU financial sanctions and restrictive measures as may come into effect or as may be amended from time to time.

The Notice makes specific reference to UN sanctions and EU restrictive measures related to terrorism and terrorist financing and the MFSA reminded licence holders that the various lists of persons, entities and bodies subject to sanctions and restrictive measures under the various Resolutions and Regulations are constantly being enhanced by virtue of updates and implementing regulations which regularly add, delete and amend entries of listed persons and entities.

The Authority re-iterated the importance that all Licence Holders ensure that they have in place adequate measures and systems to enable them to ensure immediate and full compliance with all provisions of international sanctions and restrictive measures on a continuous basis

The Authority warned that financial sanctions and restrictive measures related to terrorism and terrorist financing remain an important tool in the fight against terrorism and, as such, re-iterated the importance that all Licence Holders ensure that they have in place adequate measures and systems to enable them to ensure immediate and full compliance with all provisions of international sanctions and restrictive measures on a continuous basis.

The MFSA maintains a useful and constantly updated section on International Sanctions on its official website accessible at https://www.mfsa.com.mt/pages/viewcontent.aspx?id=105

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