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Malta Sanctions Monitoring Board Guidance Note

By October 3, 2019August 3rd, 2023No Comments

The Malta Sanctions Monitoring Board (SMB) has issued a guidance note in its capacity as the competent authority for the implementation of financial sanctions in Malta. The guidance reminds subject persons that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, chapter 365 of the Laws of Malta. The guidance further states that “there is an obligation imposed on all economic operators to be aware of applicable sanctions and to make all necessary checks to ensure that sanctions are complied with at all times. Should any situation be encountered which is in violation of sanctions, whether directly or indirectly, there is an obligation to stop any transaction from going through, freeze any assets and inform the SMB”. The guidance advises subject persons that the SMB has launched a service through which amendments to international sanctions lists are communicated to subject persons. Interested parties are encouraged to contact the SMB should they wish to make use of this service.

The SMB guidance note can be accessed here: here.