24th April 2020
The European Commission is recommending a “phasing out” of Malta’s citizenship sale scheme, in a letter sent to the government. EU Justice Commissioner Didier Reynders confirmed during a European Parliament Civil Liberties and Justice committee debate on Thursday that the Commission had written to Malta, Bulgaria and Cyprus about transition… Read More
14th April 2020
Malta has requested the help of the US to avoid the possibility of being put on a list of countries that are not doing enough to fight money launderers. Sources said talks with the US government were held in recent months with a view to exploring a “partnership on financial… Read More
13th April 2020
Failure to tackle “significant” deficiencies in Malta’s anti-money laundering regime could potentially threaten financial stability, the International Monetary Fund (IMF) has warned. In its annual assessment of Malta’s economic wellbeing, the IMF charted how a failure to make a dent on shortcomings identified by Moneyval, the Council of Europe’s… Read More
9th April 2020
Malta’s anti-money laundering body, the Financial Intelligence Analysis Unit (FIAU), last year saw a 65% spike in suspicious activity reports, driven in part by a rise in reports from Satabank. In a newsletter about its work, a first for the secretive unit, the FIAU said it had received 2,778… Read More
26th March 2020
Pilatus Bank was a “money transfer operation” rather than an ordinary bank providing investment corporate and retail services to high net individuals, according to the bank’s administrator Lawrence Connell. The former US financial regulator reached his conclusion in his first six-month report covering up to August 2018, which was only… Read More
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