On 30 July 2024, the Sanctions Monitoring Board (SMB) published a Guidance Note on the reporting requirements established by the National Interest (Enabling Powers) Act in Malta, which applies to various individuals and entities within the jurisdiction. It emphasizes the obligation for strict compliance with EU and UN sanctions, highlighting that both subject and non-subject persons can face penalties for breaches under Article 6 of the Act.
The Act facilitates the direct applicability of UN Security Council Resolutions and EU Restrictive measures into Maltese Law, ensuring swift implementation and preventing asset flight. As such, all individuals and organizations in Malta must promptly adopt and enforce sanctions listings and measures as they are enacted.
To aid in meeting these reporting obligations, the SMB has developed the following guide for natural persons, entities, and bodies within Malta. This guide outlines existing legal obligations concerning timelines and submission dates but does not impose any new requirements. It serves solely as an informational tool and will be updated periodically to reflect any changes in obligations.
| Reporting Requirement | Reporting Date | Additional Information | |
| Event ofSanctions Hit Article 17(6)(c) | Immediate reporting and resultant action to freeze economic resources | Immediate upon hit | Use standard template from SMB website. Incomplete forms will be returned. |
| Annual Reporting of Frozen Assets | Report on frozen assets to SMB | Annually by January 15 | Include nature, value, identification date, holding method, IBAN/account details, and other relevant info. |
| Article 5g Council Regulation 833/2014 | List of deposits exceeding EUR 100,000 by Russian nationals or entities | Annually by May 27 | Initial list by May 27, 2022. Annual updates required. |
| Article 1z Council Regulation (EC) No 765/2006 | List of deposits exceeding EUR 100,000 by Belarusian nationals or entities | Annually by May 27 | Initial list by May 27, 2022. Annual updates required. |
| Article 5a 4(a) Council Regulation 833/2014 | Report on assets and reserves of the Central Bank of Russia | Every three months | Initial report two weeks after February 26, 2023. Report any unforeseen loss or damage immediately. |
| Article 8(1)(a) Council Regulation (EU) No 269/2014 | Report movements of funds and economic resources two weeks prior to listing | Within two weeks of listing | Include identification, amount, value, type, and location of funds/resources. |
| Article 5r Council Regulation 833/2014 | Reporting by entities 40% owned by Russian nationals or entities | Quarterly: May 1, July 15, October 15, January 15, April 15 | First reporting period January 1 to March 31, 2024. Report due by May 1, 2024. |
| Article 5r(2)Council Regulation 833/2014 | Reporting by credit and financial institutions initiating fund transfers | Biannually: July 15, January 15 | Reporting starts on July 1, 2024. First report due July 15, 2024. |
| Article 3q(4)Council Regulation 833/2014 | Notification must be made by the party responsible for the transfer | Immediate notification upon transaction | Include the identities of the seller and purchaser, the incorporation documents of both parties, the IMO ship identification number, and the Call Sign of the tanker. |
All reporting is to be made to the SMB through the following email: reporting.smb@gov.mt including a clear subject line, while the Guide may be accessed, here.
