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Zachary Galea

Mamo TCV Advocates: Reporting Obligations on the Flow of Funds by Russian-Owned Entities
Corporate and M&A

Sanctions 8: Reporting Obligations on the Flow of Funds by Russian-Owned Entities

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this eighth article, we shall consider the salient aspects of the guidance provided by the Maltese Sanctions Monitoring Board and European Commission in relation to a recently introduced…
Zachary Galea
23rd May 2024
Mamo TCV Advocates: The European Parliament has formally endorsed a new AML package. This article provides a brief synopsis of some of the main characteristics of this new legislative package.
Corporate and M&A

European Parliament Formally Endorses New AML Package

As of the 24th April 2024, the European Parliament formally endorsed the upcoming Anti-Money Laundering (‘AML’) Package. This package is anticipated to standardise AML rules across the European Union ('EU'), taking into consideration various potential loopholes which could be utilised by criminals to launder funds. This new package is anticipated to also improve the way national systems within Member States are organised and to promote cooperation between them to tackle money laundering and terrorist financing. This new package will transfer all rules applicable to the private sector to a new Council Regulation (‘AML Regulation’), with the AML Directive (Directive EU…
Zachary Galea
8th May 2024
European Commissions Releases FAQs on Notification and Authorisation of Tanker Sales
Corporate and M&A

Sanctions 7: European Commission Releases FAQs on Notification and Authorisation of Tanker Sales

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this seventh article, we shall consider the salient aspects of the guidance provided by the European Commission from these frequently answered questions. The European Commission has issued a…
Zachary Galea
10th April 2024
On 14th March, the MFSA published “A Guidance for Money Laundering Reporting Officers in the Financial Services Sector”, to be read in conjunction with previous guidelines issued in relation to the MLRO function.
Corporate and M&ARegulatory Compliance

MFSA publishes a Guidance for MLROs in the Financial Services Sector

The Malta Financial Services Authority (the “MFSA”) has published a guidance note entitled: “A Guidance for Money Laundering Reporting Officers in the Financial Services Sector” (the “Guidance”) which considers the functions of the Money Laundering Reporting Officer (the “MLRO”). The MFSA stipulates that this Guidance is to be referred to whenever licence holders establish, implement, and sustain their Financial Crime Compliance Framework. This Guidance is intended to be applied in relation to the function of the MLRO even where the responsibilities for AML/CFT compliance management are vested with another official (to the extent applicable). Applicability of the Guidance The Guidance…
Zachary Galea
20th March 2024
Corporate and M&A

Sanctions 6: SMB Issues Guidance on Sanctions in Relation to Sale of Tanker Vessels

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia.  In this sixth article, we shall consider the salient aspects on the EU sanctions imposed on Russia in relation to the sale of tanker vessels. On the 18th of…
Zachary Galea
31st January 2024
European Parliament, Strasbourg
Corporate and M&A

Sanctions 5: SMB Issues Guidance in Light of Recent Developments in the Middle East

Following recent developments in the Middle East, the Sanctions Monitoring Board (the “SMB”) has issued a guidance note on the targeted counter-terrorism sanctions which are applicable to Malta in terms of Article 7(5)(b) of the National Interest (Enabling Powers) Act (Chapter 365 of the laws of Malta). This guidance note follows the conflict which arose in the Gaza Strip on the 7th October 2023. This guidance note highlights the sanctions imposed by the European Union to counter terrorism and reduce the financing of terrorist groups through specific restrictive measures. These measures are being directed at specific persons and entities in…
Zachary Galea
19th January 2024