Malta's disgraced former Economy Minister, Chris Cardona, has been in Dubai recently, according to multiple witnesses and sources, reportedly attending a conference. Inasmuch as he recently joined Insignia, a concierge and credit card provider that markets to high net worth individuals,in senior management position,, the question arises as to what he was doing for his company. Insignia, given its purported HNW.
Insignia, which promotes its Insignia Super Card, or ISG, was reportedly fined €373,670 by Malta's Financial Intelligence Analysis Unit (FIAU) for multiple money laundering compliance breaches, involving Politically Exposed Persons (PEPs), Source of Funds verification failures, and failure to conduct effective Enhanced Due Diligence searches. Legal observers in Malta believe that Cardona, due to his former ministerial rank, and close association with ex-PM Joseph Muscat, was hired to insure that Maltese regulators will hereafter give Insignia a wide berth.
Readers not from Europe please note that the widespread use of former government officials to act as a buffer between Maltese regulatory agencies and private companies is a widespread practice in the Republic of Malta, and there are reports of bribes being delivered to agency employees by their former associates, to cancel investigations, and to refrain from making criminal referrals to the police or the Attorney General.