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MFSA man Pilatus wants summoned to US court, resigns ‘competent person’ role

The Maltese financial regulator has replaced the person appointed to run Pilatus Bank, after the bank’s shareholders filed American judicial proceedings against Lawrence Connell. Connell was appointed in March 2018 to take over Pilatus as its ‘competent person’ after the arrest of Pilatus owner Ali Sadr Hasheminejad in Washington D.C. Read More

Malta on track to avoid grey listing – Robert Abela

Malta is on track to make it through a crucial evaluation of its anti-money laundering regime, Prime Minister Robert Abela said on Sunday. In a brief phone-in interview on the Labour Party’s ONE radio, Abela said the government had put a lot of work into addressing shortcomings that had been… Read More

Malta: Satabank ‘blindly’ took on client portfolio without knowing risks

Satabank “blindly” took on a portfolio of clients from another financial institution in 2015 without assessing the money-laundering risks involved, according to a report by the Financial Intelligence Analysis Unit (FIAU). Banks are obliged to carry out strict anti-money laundering checks on new clients before taking them onboard, to ensure… Read More

29th December 2020

Malta: Satabank’s €3.7m money laundering fine slashed to €851,000

The Appeals Court has reduced a €3.7 million fine imposed by the Financial Intelligence Analysis Unit on Satabank to €851,000 after it ruled that the fines had to be capped at 10 per cent of the bank’s turnover. While the court acknowledged that the Prevention of Money Laundering and Funding… Read More

18th December 2020

Malta: Investigation in major money laundering case still to identify source of funds

Investigations into the financial dealings of a couple suspected of laundering millions of euro still has to determine the illicit source of the allegedly laundered funds. Gordon Debono and his wife Yvette have spent the past three weeks under preventive custody after pleading not guilty upon their arraignment on November… Read More

11th December 2020

Malta: Police ‘investigating’ suspected Italian mafia money launderer

An Italian national suspected of planning to launder “billions” for mafia associates is being investigated by the Financial Crimes Investigation Department, a police spokesman confirmed. Roberto Recordare is the owner of two companies in Malta – Golem Malta Limited and Recordare Holding. The two companies are ostensibly in the software… Read More

10th December 2020

Omtzigt report: ‘Unsatisfactory’ progress on Malta rule of law and Council of Europe measures

The Dutch MP Pieter Omtzigt, rapporteur for the Council of Europe’s resolution on Daphne Caruana Galizia’s assassination and the rule of law in Malta, has decreed that Malta has failed to implement the demands of the Council’s parliamentary assembly. Omtzigt is charged with following-up on the progress of the… Read More

7th December 2020

Maltese firm for ‘ultra-rich’ employing ex-minister fined for money laundering breaches

A politically-exposed Russian with alleged ties to the mafia has been flagged by the FIAU after using a membership-only credit card service company which former Economy Minister Chris Cardona joined after leaving politics. Malta’s Financial Intelligence Analysis Unit this week announced that Insignia, a ‘luxury lifestyle management group’ has been… Read More

7th December 2020

Malta: Charges expected after Pilatus money-laundering probe

Police are edging closer to prosecutions following lengthy investigations into money-laundering allegations at the now defunct Pilatus Bank. Delays in the probe meant the initial target of arraigning several bank officials by the end of August was pushed back by several months. Investigators are now combing over documents detailing suspicious… Read More

26th November 2020

Malta: Whistleblower Maria Efimova fears for her safety amid threats and new arrest warrants

Just when she thought the persecution was over, Maria Efimova, the whistleblower who helped expose the corrupt ties between organised crime and Malta’s political establishment, found that the nightmare was back. On Monday 17 November, Pantelis Varnava, Efimova’s husband, was put under arrest in Crete following a request from Cyprus’… Read More

25th November 2020

‘MaltaFiles’ firm Credence fined €261,000 over money laundering shortcomings

Corporate services provider Credence, which featured in an extensive European Investigation Collaborations exposé on tax avoidance in Malta, has been fined €261,000 by the Financial Investigation Analysis Unit for breaches of various money laundering obligations. Credence Corporate Advisory Services is a Maltese law firm which featured in stories on the… Read More

25th November 2020

Former footballers among many arrested in Maltese fuel smuggling raids

Former footballers Darren Debono and Jeffrey Chetcuti have spent the night in prison after police carried out a nationwide anti-smuggling sting operation. Law enforcement sources confirmed that a number of raids were carried out between Monday and the early hours of Tuesday morning targeting Debono and a number of his… Read More

2nd November 2020

Malta: Lombard Bank fined €340,000 by FIAU over money laundering shortcomings

Lombard Bank has been fined €340,058 for breaching anti-money laundering obligations by the Financial Intelligence Analysis Unit. The breaches were identified by the FIAU in an inspection on the bank carried out in September and October 2019. The bank said they did not relate to suspicions or evidence of money… Read More

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