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Money laundering: European Commission treatment of Malta ‘unfair’ compared to Latvia – MEP

The European Commission (EC) has handled money laundering issues regarding Malta disproportionally compared to Latvia, which had a ‘much more serious case,’ according to EU lawmaker and former Maltese prime minister Alfred Sant. Malta has been in the spotlight over a number of money laundering and corruption issues in recent… Read More

UK regulator fines offshore online casinos over poor anti-money laundering controls

The United Kingdom’s Gambling Commission has taken action against three online casinos following an investigation into how firms handle money laundering and problem gambling. In its findings, the Commission highlighted a number of compliance failings across the firms. “Nearly £14m in penalty packages will be paid by three companies… Read More

Money laundering: European Commission ‘targets small banks, closes eyes at big banks’

The European Commission has been accused of being biased in its approach to tackling money laundering, with a former Maltese leader saying the body targets smaller banks while turning a blind eye on such crimes at bigger European banks. Alfred Sant singled European Commissioner for Justice Vera Jourova, saying she… Read More

9th November 2018

EU urges Malta to comply with Anti-Money Laundering Directive after failings

The European Commission has requested Malta’s Financial Intelligence Analysis Unit step up its supervision of the banking sector after an investigation revealed that Malta had failed to ensure banks comply with EU anti-money laundering (AML) rules. Malta has been under the spotlight over various scandals related to money laundering,… Read More

6th November 2018

ECB orders Pilatus Bank to shut down after money laundering scandal

The European Central Bank (ECB) has withdrawn Maltese-based Pilatus Bank’s licence following allegations of money laundering and the arrest of its owner over financial crime charges in the US. The money laundering allegations around Pilatus, which was central to a scandal investigated by murdered journalist Daphne Caruana Galizia, go back… Read More

18th October 2018

Money laundering: Pilatus Bank could lose EU licence

The European Central Bank (ECB) is reportedly looking to revoke the licence of Pilatus Bank, following the arrest of its chairman over money laundering charges and allegations it processed corrupt payments. Malta’s banking regulator has also previously recommended that the licence be withdrawn. The ECB’s supervisory board has… Read More

27th September 2018

EU watchdog backs plan to withdraw license from Malta’s Pilatus Bank

Europe’s banking watchdog has backed a recommendation by the Maltese financial regulator to withdraw Pilatus Bank’s banking license following the indictment of its chairman for money laundering. EBA’s move puts pressure on the European Central Bank which is expected to make a decision on whether to withdraw Pilatus’s license as… Read More

26th September 2018

Malta watchdog says EU has dropped its anti-money laundering probe

Malta’s financial watchdog said a preliminary European Union investigation into how it applied EU anti-money-laundering rules at Pilatus Bank has been dropped. The Malta Financial Services Authority (MFSA) said on Tuesday that the European Banking Authority (EBA) found that no EU rules had been broken. “As a result, the… Read More

13th August 2018

Malta joins European Public Prosecutor’s Office

Malta has signed up to join the European Public Prosecutor’s Office (EPPO), making it the 22nd country to join efforts to protect the EU’s budget against financial crime. The EPPO, which is set to be operational in two years time in all participating EU Member States, will seek to fight… Read More

26th July 2018

Malta given two months to fully implement EU Fourth Anti-Money Laundering Directive

The EU has given Malta two months to fully transpose the Fourth Anti-Money Laundering Directive (4AMLD) into national law. The EU Commission sent a reasoned opinion to Malta about enforcing 4AMLD, which all Member States should have implemented by June 2017. Malta claimed to have implemented 4AMLD in December, however… Read More

12th July 2018

EU watchdog criticizes Malta for anti-money laundering shortcomings

The European Union’s top banking watchdog has found “general and systematic shortcomings” in Malta’s application of EU anti-money-laundering rules, it said on Wednesday. The European Banking Authority’s (EBA) criticism came as it concluded an enquiry into the way Malta’s anti-money laundering watchdog the Maltese Financial Intelligence Analysis Unit (FIAU), investigated… Read More

2nd July 2018

Malta asks ECB to withdraw license of scandal-hit Pilatus Bank

Malta’s banking watchdog on Saturday asked the European Central Bank to withdraw the banking license of Pilatus Bank, whose chairman was indicted earlier this year by a U.S. court. Malta’s Financial Services Authority (MFSA) said it had formally filed for the withdrawal of the license due to the indictment of… Read More

28th June 2018

EU banks face money laundering action after Malta, Latvia cases

European Union banks face an anti-money laundering crackdown before the end of the year following allegations of wrongdoing at two Latvian and Maltese lenders, top officials say. The collapse of Latvia’s ABLV and the freezing of operations at Malta’s Pilatus Bank exposed shortfalls in recent reviews of anti-money laundering rules,… Read More

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