International financial sanctions : a comparative analysis

Abstract

This dissertation looks into the international financial sanctions imposed by the European Union, the United Nations Security Council, the United States and a number of other countries which are deemed to be relevant for this study. The study looks into the legal basis upon which sanctions are issued and the obligations which emanate from the binding nature of these sanctions on financial institutions. Additionally, a comparative analysis will be drawn on the way different countries or organizations interpret and consequently apply the law. Patterns in the interpretation or application or any other congruence or otherwise between the EU member states and that of others are highlighted and looked into. This is accompanied by an analysis on the way European member states choose to handle the responsibilities that stem from the legislations. The dissertation provides a background on the historical nature of financial sanctions. The literature review features important historical episodes from which legislation or legislative procedures came to being to shape the way sanctions are maintained. The dissertation also devotes particular attention to the case in Malta. The study will look deep into particular roles of a number of key players which include the Malta Financial Services Authority, the Sanctions Monitoring Board and the Ministry for Foreign Affairs and Trade Promotion. This study refers to the National Interest (Enabling Powers) Act, the amendments made to it in 2018 and the Sanctions Monitoring Board.