Pilatusgate fallout – Mario de Marco

Pilatusgate fallout – Mario de Marco
The European Banking Authority writes the rulebook for the financial services sector in the Europe. It is the authority, the main man when it comes to financial services. Last October, it was asked by the European Commission to investigate claims that the Malta Financial Services Authority and the Financial Intelligence Analysis Unit had failed to carry out their duties when they licensed and allowed Pilatus Bank to operate.
The investigation on the MFSA is still ongoing. Three days ago, the EBA published its findings on the FIAU. It reported “general and systematic shortcomings” in the FIAU’s application of anti-money laundering directives. The report does not make for pleasant reading.
This report has to be seen within a context.
Pilatus Bank was awarded a licence within a few months of Labour being elected to government in 2013. At the time, the chairman and sole owner of Pilatus Bank was being investigated in a foreign jurisdiction for serious charges, a fact that either was not picked up by the local authorities or was conveniently ignored. This bank’s clients were mainly made up of politically exposed persons, including people close to Prime Minister Joseph Muscat and…
Source: Pilatusgate fallout – Mario de Marco

Questa voce è stata pubblicata in ελλάδα ειδήσεις. Contrassegna il permalink.