Cap. 653 Art. 8Realisation of economic resources.

(1) Economic resources, including those in transshipment, frozen in the implementation of European Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures may be realised in accordance with the procedure established by the Board, where:

(a) the economic resources are perishable or at risk of deterioration, decay, damage or depreciation in value;

(b) the expense of keeping the economic resources is excessive or disproportionate to its fair market value when one also takes into consideration the time likely to determine whether the economic resources shall be subject to forfeiture or to a confiscation order;

(c) the economic resources are subject to a loan, mortgage or any other right over the economic resources or to taxes due; or

(d) there is any other valid and justifiable reason for the sale.

(2) Where a temporary administrator has been appointed in accordance with the procedure laid down in article 34, he shall take a decision on the realisation of economic resources.

(3) The proceeds of any sale pursuant to this article shall be held in an account maintained by the Board in the name of the designated person, entity or body at the Central Bank of Malta and shall remain in that account until the designation of the person, entity or body is no longer in effect.