STATISTICS ON EXCESS CASH CONFIRM MALTA AS THE EU CENTRE FOR MONEY LAUNDERING

Divine Retribution or simply Karma?*

EU statistics recently published point to a major need for additional banknotes (currency) domestically, in the Republic of Malta, far above what would be normal cash requirements for that tiny island nation. What the facts do point to is simply another confirmation that Malta, in 2022, remains the preferred EU destination for dirty money. records show that the large bills flow effortlessly, and with impunity, into local corporate bank accounts, where the ultimate beneficial owner is well concealed.

Who launders the proceeds of crime in Malta? For example;

(1)A major Colombian laundryman moving and cleaning illicit cash for well-heeled and connected Venezuelan clients.

(2) Iranians pushing the process of corruption, coming from the republics located in Central Asia, and transferring the somewhat cleaned result into other parts of the European Union.

(3) EU business owners who have diverted a significant portion of the receipts from their cash-intensive businesses to evade income taxes at home, and covertly hidden the money in Valletta, with the artful assistance of members of Malta's financial services industry.

(4) EuroDrug profits, coming generally from Italy, or more specifically, Sicily, from one Mafia organisation or another, seeking safe haven in the country where nobody ever gets charged with money laundering, unless they alienate the local power structure.

Malta will remain the Panama of the European Union, without outside interference, given the autonomy granted to Members of the EU, for the foreseeable future, until its house comes tumbling down, like Sodom and Gamorrah, but in a financial 21st century version. 

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* Valletta the new Sodom & Gamorrah  by COSIMO. (Note Joseph Muscat, Robert Abela and Roseanne Cutajar).