21 May 2020
Panama Papers firm Nexia BT has been given a new licence requiring “high standards of conduct and compliance” to audit the internal IT systems and protocols of high-risk entities like cryptocurrency exchanges.
Nexia BT Technology, a Nexia BT offshoot company, was certified as meeting these standards by the Malta Digital Innovation Authority (MDIA), despite documented evidence of the parent company’s suspect offshore dealings on behalf of former government officials.
Forensic analysis made public as part of the Egrant inquiry identified “evidence of suspicious transactions, concealed corporate relationships and other indications of probably money-laundering activities” in data seized from Nexia BT.
A spokesman for the MDIA said it was “unable to comment on the opinion expressed by experts in a magisterial inquiry”.
Nexia BT’s role in facilitating the Panama Papers scandal has done little to dim its prospects, as the firm continued to receive government contracts and operate with sanction.
“To date, MDIA is not aware of any criminal proceedings or convictions or any administrative sanction resulting in suspension of activities, licences or warrants,” the spokesman noted about the lack of sanctions against Nexia BT.
By Jacob Borg, Times of Malta, 20 May 2020
Read more at Times of Malta
RiskScreen: Eliminating Financial Crime with Smart Technology
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet