A court in the Republic of Malta has set aside a €373.000 fine imposed by the FIAU, the country's financial regulator, against INSIGNIA CARDS LIMITED, which was for serious AML deficiencies, on what appears to be debatable due process grounds. That is just one of the many ways that entities, including financial institutions, escape accountability for their sins, on the orders of corrupt leaders who wish to protect their own, and to encourage illicit flight capital to continue to migrate to Malta.
A quick examination of Insignia, a card issuer which catered to high net worth clients, showed that the company never verified either Source of Funds, or Source of Income. It also issued cards to known PEPs, even those with corruption histories, and did business with clients from countries designated as State Supporters of Terrorism. You may access the FIAU Administration Measure Publication Notice here.
When cases are actually filed on financial crime, and money laundering, charges, the Prime Minister-appointed Attorney General sees to it that procedural errors, or technical pleading mistakes, or missed deadlines, all insure that the guilty will be acquitted, if not the case be dismissed before trial. When both prosecutors and the judiciary owe their jobs to the ruling Labour Party (PL), nobody dares allow a conviction of PL supporters or allies to occur.
If you are considering accepting a substantial wire transfer from Malta, insist upon a sworn statement, executed before a consular officer at your embassy, NOT a local notary, detailing Source of Funds and Source of Wealth/Income, to insure that you later don't get named as a co-conspirator in a criminal case abroad. To do any less is a mistake; it can be a fatal error.