Sanctions

Sanctions, amongst others, may include restrictions on trade affecting the purchase and supply of goods, restrictions on the provision of financial services, resulting in the freezing of funds, assets and other economic resources.

The Malta Financial Services Authorities (“MFSA”), requires Maltese license holders to comply with sanctions and take all steps necessary for their immediate implementation. Sanctions which are directly enforceable in Malta are UN and EU Sanctions. OFAC Sanctions (USA) are not legally binding in Malta, however it is encouraged that license holders take them into deep consideration.

The increasing growth in corporate and financial sectors around the globe poses a risk in terms of managing the amount of increasing clients in these sectors, taking into consideration the complexity of their businesses.

Sanctions regulate such sectors and aim to enforce an action against individuals, entities or organisations which might constitute high threats to the national security of a country. Sanctions are also important for companies to make sure that it is not doing business with clients who are targeted as a designated person, or an entity or organisation which is owned by such designated person. Companies should regularly screen their existing clients (and also potential) for risk (and/or potential risk) mitigation.

How can PwC help?

Our Regulatory & Financial Crime Consulting Services team brings together a dedicated and experienced team of professionals who will assist you in gathering, screening and reviewing all necessary monitoring of published sanctions. This may include ongoing monitoring of your customers to ensure that KYC documentation is kept up-to-date in line with such sanction regulations.

Contact us

Mark Lautier

Mark Lautier

Partner, PwC Malta

Tel: +356 2564 6744

Deborah Gatt

Deborah Gatt

Senior Manager, Tax, PwC Malta

Tel: +356 2564 2343

Chris Mifsud Bonnici

Chris Mifsud Bonnici

Senior Manager, Tax, PwC Malta

Tel: +356 2564 6935

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