The Malta Financial Services Authority refers to the international sanctions which have been put in place since 2006 by the United Nations Security Council and the European Union against Iran and which have been implemented in Malta by means of regulations issued under the National Interest (Enabling Powers) Act.

These sanctions impose various restrictive measures, including funds and asset freezes, directed against a number of designated individuals and entities (listed in the sanctions) which have been determined to be associated with Iran’s sensitive nuclear activities and development of nuclear weapons systems.

As highlighted on numerous occasions in notices issued by the MFSA, licence holders are required to take the necessary steps to implement these sanctions and to maintain effective systems and controls to strictly comply with their requirements.

Reference is also made to the FATF public statements on Iran urging all jurisdictions to give special attention to business relationships and transactions with Iran, including Iranian companies and financial institutions and calling on all jurisdictions to apply effective counter measures to protect their financial sectors from money laundering and financing of terrorism (ML/FT) risks emanating from Iran.

In this respect, the MFSA has today requested banks in Malta to provide it with comprehensive information including (i) the action taken to date and the measures in place to implement and comply with the sanctions against Iran; (ii) any funds, financial assets or other economic resources that have been frozen; (iii) any business relationship with entities or individuals listed in the sanctions or with companies or entities (including Maltese companies) directly or indirectly owned or controlled by listed entities or individuals; and (iv) any business relationship with any other Iranian entities or individuals or with any other companies or entities (including Maltese companies) having Iranian beneficial ownership or control.

This information will assist the MFSA in better assessing the extent of banking business with Iran and the level of compliance with international sanctions against Iran.

MFSA Ref: 56-2011