Malta

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A single EU anti-money laundering rulebook

After multiple directives, several high-profile money laundering scandals, and numerous policy papers, the evidence is clear – money laundering remains an undiminished threat within the EU. The European Commission summarises the consequences as follows: criminals and terrorists have a sustained means to jeopardise public security, the incidence of money laundering… Read More

Malta: Political parties will not be spared in tax collection drive, Finance Minister warns

Political parties will not be spared by government’s efforts to step up the fight against tax evasion and collecting overdue arrears, Clyde Caruana said. The Finance Minister said on Tuesday that the forthcoming budget will propose ways of addressing the issue of tax arrears. By Luke Vella, Malta Today, 14… Read More

Malta: Notary fined €62,000 for breaching anti-money laundering rules

A notary has been fined almost €62,000 for a series of breaches of money laundering rules. Roderick Caruana could not identify the ultimate beneficial ownership of certain financial structures he was involved with, the Financial Intelligence Analysis Unit said in a notice on its website. Shortcomings in controls on identifying… Read More
8th September 2021
Pilatus Bank, a small private bank opened in Malta in 2013, was perhaps most notorious for its personal, ‘secret’ business model, largely catering for politically exposed persons (PEPs) under strict rules of due diligence. Having started operations in January 2014, the bank, owned by Ali Sadr Hasheminejad, a US-naturalised Iranian… Read More
8th September 2021
A magistrates’ court has found there is sufficient evidence for Yorgen Fenech to be indicted over money laundering and fraud to the detriment of Glimmer Ltd, a company he partly owned. Magistrate Donatella Frendo Dimech decreed there was a ‘case to answer’ on Tuesday morning – a day after… Read More
7th September 2021
Some 24 companies have renounced their licences to operate in Malta since the country was greylisted by the Financial Action Task Force, compounding uncertainty in the financial services industry, the Nationalist Party said on Monday. During a press conference outside the MFSA in Mrieħel, chief PN spokesperson Peter Agius,… Read More
3rd September 2021
A network of “corrupt government officials” have set about draining Pilatus Bank of all its assets, lawyers for the bank’s parent company Alpene Limited have claimed. The bank’s former chairman Ali Sadr is the sole director of the Hong Kong-based Alpene. In US court documents filed a few days ago,… Read More
1st September 2021
Pilatus Bank has been fined a record €4.9 million for a “serious and systemic failure” to follow anti-money laundering laws at the now-shuttered bank. In a notification on its website, the Financial Intelligence Analysis Unit (FIAU) on Tuesday said the bank’s lax approach to due diligence on its customers… Read More
1st September 2021
Yorgen Fenech and several business associates have been charged with money laundering in connection with a Maltese gaming company called Glimmer Limited. Fenech, who separately stands accused of conspiring to murder Daphne Caruana Galizia, denied the fresh charges when he appeared in court on Monday. He is accused of committing… Read More
1st September 2021
A Malta-licensed gaming company has been highlighted as potentially being linked to the illegal proceeds of one of the biggest-ever online financial scams, according to whistleblower website Fintelegram.com. The island’s iGaming industry has been embroiled in one controversial scandal after another over the years. Read More
26th August 2021
Retired Olympic speed skating champion Apolo Ohno and companies in Cyprus, Hong Kong, Malta, and Singapore are being sued in California for an alleged $50 million crypto fraud. Apolo Anton Ohno is an American retired short track speed skating competitor and an eight-time medallist in the Winter Olympics. Ohno… Read More
25th August 2021
Several witnesses have told a court that a man charged with money laundering had cashed cheques for them in a sitting notable for the reluctance of the witnesses to testify. The compilation of evidence against Redent Zammit, 48, Marcia Zammit,46, Chantelle Zammit, 22, Andrew Zammit, 74 and Mary Rose Piscopo,… Read More
24th August 2021
Customs officials on Sunday discovered a total of €165,548 in undeclared cash on a Somali passenger headed to Turkey. The passenger was escorted to the departures customs office after K9 Sophie sniffed out the cash and alerted the officials. The passenger told customs he was carrying 1,600 dollars, however, the… Read More