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…
MamoTCV Advocates1st July 2016