The Republic of Malta continues to be a major money laundering threat to all other members of the European Union, but EU leadership either cannot or will not take affirmative action to rein in the laundrymen who service corrupt PEPs, narcotics traffickers and senior government officials that are literally in bed with the Maltese Mafia, including the most senior national leaders.
There's no help coming from outside the EU either. Although the cashiered PILATUS BANK moved millions through the bank's UK branch, and there have been major FCPA violations under American law, neither the UK nor the USA will lift a finger to charge the many offenders.
For compliance officers, and given the fact that many of Malta's most prominent financial institutions and financial service firms are cooperating with financial criminals, their only option at this time is to unofficially all blacklist Maltese transactions when they are encountered, lest they expose themselves personally to risk of subsequent indictment abroad, and potential banishment from the industry if they approve transactions that are later tied to Maltese organized crime. There is no other option if you are operating a risk-based compliance program; Conduct yourselves accordingly.
There's no help coming from outside the EU either. Although the cashiered PILATUS BANK moved millions through the bank's UK branch, and there have been major FCPA violations under American law, neither the UK nor the USA will lift a finger to charge the many offenders.
For compliance officers, and given the fact that many of Malta's most prominent financial institutions and financial service firms are cooperating with financial criminals, their only option at this time is to unofficially all blacklist Maltese transactions when they are encountered, lest they expose themselves personally to risk of subsequent indictment abroad, and potential banishment from the industry if they approve transactions that are later tied to Maltese organized crime. There is no other option if you are operating a risk-based compliance program; Conduct yourselves accordingly.
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