In a clear sign that the Government of Malta is desperate to extricate their country from the FATF Greylist, the FIAU, its financial regulatory authority, has imposed a significant fine upon a local investment fund, which heretofore has enjoyed a pass, whilst ignoring AML/CFT best practices, and disregarding both Source of Wealth and Customer Identification requirements. We wonder how many years the FATF has known about the deficiencies at Southern Cross SCAV plc, and allowed it to operate with impunity.
As time goes on, and there is no signal from the FATF that it believes that true reform is occurring in the Republic of Malta, especially indictments for money laundering and corruption amongst government officials, we can expect to see additional Administrative Measures, such as this € 303,710 Fine, but no movement to charge Malta's many money launderers, who are current or former senior government officials, such as disgraced former Prime Minister Joseph Muscat, and former minister Konrad Mizzi.
Know this: Surface measures, such as this one, simply will not cause the Greylisting to be removed, Mr. Prime Minister, so start bringing indictments ASAP.
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