22nd October 2020
The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as “golden passport” schemes. The schemes allow wealthy foreigners to buy citizenship in exchange for an investment of around 1 million euros in Malta and 2 million… Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
19th October 2020
A money-laundering operation that allegedly funnelled tens of millions of pounds through Scotland from Libya is believed to be the largest fraud investigation in Scottish history. The findings of a six-year inquiry by Police Scotland are being considered by prosecutors. Government officials in the north African country claimed that a… Read More
12th October 2020
Opposition MP Claudio Grech has urged the government to introduce unexplained wealth orders to give the authorities more powers to seize assets potentially financed by criminal activities. While offering its support to the proceeds-of-crime bill being discussed in parliament, Grech told Times of Malta that the bill missed a… Read More
9th October 2020
Five cases of suspected money laundering using remittance agents were referred to the police for investigation by the Financial Intelligence Analysis Unit over the past four years. An FIAU analysis released recently shows that between January 2017 and May 2020, remittance agents submitted 98 suspicious transaction reports. Just over a… Read More
9th October 2020
Malta’s Individual Investor Programme has lost some 73 of its agents out of a list of 200 firms and approved agents selling citizenship to the ultra-rich. Of those 73, only four practitioners have had their license outright suspended by the IIP agency: these include two licences held by the legal… Read More
6th October 2020
France’s national financial prosecutor’s office has been asked to open an investigation into whether four French-based banks and an investment fund were complicit with Electrogas in laundering the proceeds of corruption. Sherpa, a French association that fights financial crimes, teamed up with the Daphne Caruana Galizia foundation to file the… Read More
2nd October 2020
The European Commission has expressed concern about Malta’s failure to secure convictions in high-level corruption cases and flagged “deep corruption patterns” within the country as worthy of note. In a rule of law report, the Commission noted that the worrying patterns had led to “strong public demand” for rule of… Read More
24th September 2020
In the Kerch Strait off the Crimean coast, a dangerous undertaking cost 20 people their lives. On January 21, 2019, crews on two tankers were transferring liquified petroleum gas (LPG) from one ship to another at sea. Something went wrong and there was a terrible explosion. Both ships quickly… Read More
23rd September 2020
Football clubs will have to step up internal controls amid growing attention to criminal activity in sports by anti-money laundering agencies. The Malta Football Association is working on a framework to introduce more accountability and corporate oversight in top-tier clubs, a source close to the governing football body told MaltaToday. Read More