MALTA'S BANKS CONTINUE TO SERVE RUSSIAN AND IRANIAN CLIENTS, DESPITE SANCTIONS, ALIENATING EU REGULATORS

Don't worry, Abela will Solve it  by COSIMO

In the world of international banking, onboarding clients from jurisdictions that are subject to international sanctions is not only regarded as dangerous, it is considered hubris. Malta's banks, including its principal financial institution, continue to service customers from both Russia and Iran, to the consternation of EU regulatory agencies, Members of the European Parliament, and the ECB. 

This is not way to get favorable treatment from the Financial Action Task Force (FATF) when they consider whether to remove Malta from its infamous Greylist. In fact, Malta risks the imposition of even more sanctions, from other quarters, including but not limited to America's Office of Foreign Assets Control, or OFAC, whose actions have been known to constitute the feared Death Penalty, prohibiting any access to the American financial structure. if you think that is not effective, look at the case of FBME ( Federal Bank of the Middle East), which was blocked from the US.

In a country where frontmen maintain large accounts for individuals who cannot pass compliance under their own names and backgrounds, Malta is sorely in need of massive closure of accounts that should never been opened in the first place. Somehow, local bank officers arrogantly think that the FATF is not aware of what is really going on inside Malta's banks; they will soon find out how wrong they were.