Every week, we see more and more announcements, coming from the US Securities & Exchange Commission and the Department of Justice, about cyber-criminals who set up shop in the Republic of Malta, with total government acquiescence and support, to commit mega-fraud, and to move their criminal profits, and themselves, abroad. CHRISTOPHER EMMS, JUSTIN SUN, BITTREX, BINANCE, the list goes on and on and in.
It all relates back to a two-year period, during which the country's disgraced, defrocked former Prime Minister, JOSEPH MUSCAT, sought to create a "Blockchain Island" in malta, and every white collar cyber-fraudster beat a path to Valletta, seeking not only a safe haven for crime, but also the Citizenship by Investment (CBI) passports with visa-free entry into the EU which Maltese citizenship offers.
The fraudsters are long gone, looking for the latest jurisdiction where they can hide with their proceeds of crime, and Malta's current government is trying very hard to distance itself from its recent affiliation with these transnational criminals. Whether the US DOJ will get to the Maltese facilitators, especially the corporate services and formation professionals we cannot say, but we can certainly hope justice will eventually catch up with those responsible for assisting in cybercrime.
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