25th March 2020
Malta’s Financial Intelligence Analysis Unit (FIAU) has reported a 157% increase in suspicious transaction reports (STRs) in 2019 from 2017, with 2,778 STRs received. The anti-money laundering unit also reported an unprecedented increase in the number of requests for information received from other domestic authorities especially supervisory authorities. FIAU is also… Read More
23rd March 2020
Credorax Bank has been slapped with a €51,000 fine by the Financial Intelligence Analysis Unit (FIAU) for failing to provide it with information in a timely manner. In a notification on the FIAU’s website, the anti-money laundering unit said Credorax Bank had given delayed replies to 37 requests for information… Read More
17th March 2020
Former Pilatus Bank chair Ali Sadr has been convicted of bank fraud, conspiracy to commit bank fraud, defrauding the United States and busting sanctions against Iran. He was, however, cleared of conspiracy to commit money laundering and faces a maximum of 85 years in jail. Sadr, 40, or Iran, was… Read More
6th March 2020
A contract signed between Iran and Venezuela in 2006 for the development of a 12,000 housing project in Zulia state was presented at the second hearing of the trial of Pilatus Bank owner Ali Sadr Hasheminejad. The 39-year-old banker, whose bank in Malta ran bank accounts for members of the… Read More
6th March 2020
Spanish authorities have charged football agent Abdilgafar Fali Ramadani and his associates with money laundering as part of an ongoing police operation, dubbed Lanigan. The police raids took place last Tuesday upon Ramadani’s arrival in Spain. The charges stem from reports published by the European Investigative Collaborations (EIC) network during… Read More
3rd March 2020
A Swiss company was accepting smuggled fuel from Libya inside tanks leased from Enemed between 2014 and 2015, to resell the oil at sea and the European market. Kolmar, of Zug, acquired the oil from the smuggling operation ran by Libyan smuggler Fahmi Slim Ben Khalifa, and Maltese nationals… Read More
27th February 2020
In the dry, warm Angolan autumn of 2014, billionaire Isabel dos Santos and her husband, Sindika Dokolo, dreamed of beer. Lots and lots of beer. Dos Santos, the Angolan president’s favorite daughter, had long pined for a brewery of her own to break into the southern African country’s lucrative drinks… Read More
20th February 2020
Three UK nationals with vast experience in the UK financial services market (within the Bank of England, Financial Conduct Authority and the private sector) are set to take up, in the coming weeks, a number of senior positions within the MFSA’s supervisory area namely banking supervision, financial crime compliance and… Read More
14th February 2020
The government has given its assurance that it will soon implement the EU’s new anti-money laundering rules, as Malta faces infringement procedures later this month if it fails to do so. The fifth anti-money laundering directive, the latest set of rules designed to cut down on financial crime in Europe,… Read More
13th February 2020
A number of international banks were declining to do business with Maltese nationals as they viewed the jurisdiction to be too risky, sources within Malta’s financial institutions warned. Sources from the financial sector and banking regulators confirmed they had received reports from Maltese nationals and Malta-based businesses after overseas banks… Read More