The MFSA has issued a Notice to all Financial Services Licence Holders confirming the removal of sanctions against the state of Iran via EU Council Regulations adopted on the 16th January 2016. Such measures primarily:
• Remove the entities and individuals that were previously on the sanctions lists and assets pertaining thereto.
• Removes previous restrictions relating to transfer of funds to and from Iran
• Reallows the provision of banking services including the establishment of
correspondent banking relationships and opening of accounts for non-listed Iranian institutions and persons
• Reallows the opening of branches, subsidiaries or representative offices of non-listed Iranian financial institutions in Member States
• Reallows the provision of insurance and reinsurance services to non-listed Iranian entities and persons is permitted.
The notice is available at http://www.mfsa.com.mt/pages/announcements.aspx?id=2