23rd September 2020
Malta police arrested Keith Schembri, who was the chief of staff of former Prime Minister Joseph Muscat, early on Tuesday as part of an investigation into money laundering of funds derived from kickbacks on sales of Maltese passports. Schembri was arrested just after midnight, hours after a court issued an… Read More
16th September 2020
Malta’s new attorney general has refused to release a copy of an inquiry into whether the former prime minister’s chief of staff, Keith Schembri, took a €100,000 kickback on passport sales. The inquiry was based on a leaked FIAU report that raised suspicions about two €50,000 transactions that passed between… Read More
15th September 2020
Steward Healthcare is facing a $5 million claim in a London court from an American investor who loaned Vitals Global Healthcare millions in their initial bid to obtain the controversial hospitals privatisation in Malta. A London court will allow Steward to defend its case against the claim made by medical… Read More
8th September 2020
Malta’s lucrative financial services industry and its international ranking has suffered another blow as the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has downgraded the island’s standing to “partially compliant”. This downgrade ranks Malta as one of the countries with the lowest standards in the… Read More
3rd September 2020
Sham litigation and out-of-court settlements, not an uncommon sight in the Maltese courts, have been identified by the Financial Intelligence Analysis Unit as a way of laundering criminal gains. The FIAU said that although litigation cases do not fall within anti-money laundering rules, lawyers and their clients can conspire to… Read More
26th August 2020
Police who arrested a government official and his wife on money laundering charges suspect that they may have generated illegal profits through Chinese visa sales. Malta’s consul to Shanghai, Aldo Cutajar, 55, and his wife, Isabel, 52, also face charges of tax evasion and appeared in court on Monday… Read More
18th August 2020
Malta’s consul to Shanghai was charged with money laundering on Sunday after police discovered a large sum of money hidden in his home. Aldo Cutajar, 55, was remanded in custody after being arraigned in court by the police’s Economic Crimes Unit along with his wife Isabel. The police told the… Read More
12th August 2020
Fimbank has been fined €168,943 by the Financial Intelligence Analysis Unit (FIAU) for “serious shortcomings” in its anti-money laundering obligations. As a result of a 2018 inspection of the bank, the FIAU found Fimbank’s risk assessment tools did not account for all the countries its clients were dealing with. The… Read More
11th August 2020
Confiscating cars and property acquired by dirty money will be possible without requiring a criminal conviction under a tough new law targeting organised crime. Legislation proposed by Justice Minister Edward Zammit Lewis will empower the Asset Recovery Bureau to file civil proceedings for the confiscation of assets acquired through criminal… Read More
3rd August 2020
Wirecard processed transactions for a Malta-based online casino that was later found to have laundered funds for the ’Ndrangheta mafia organisation, the Financial Times reported Monday. Italian courts determined that the gaming company, Malta-based CenturionBet, was used by an arm of the ’Ndrangheta to launder millions of euros in criminal… Read More