MALTA INTENTIONALLY DRAGS ITS HEELS ON YET ANOTHER SHUTTERED MONEY LAUNDERING BANK

    If you thought that AML has improved in the Republic of Malta since European regulators took it off the Greylist, think again. The country's method of covering up rampant money laundering, delaying any action against money laundering banks for many years, until voters' concerns about the bank have literally passed into history and/or been defeated by the Statute of Limitations, continues to be the rule.  It insures that any guilty parties, money laundering facilitators amongst Malta's offshore financial services elite, never are charged for their role in massive money laundering activities at the bank, in this case, Bulgarian-owned SATABANK, although the case reminds us that officers at PILATUS BANK, alleged to be another major laundromat for the proceeds of crime, have never been held accountable for their crimes.

The current trick is to delay liquidation proceedings due to a years late move by the country's tax authorities, who have cleverly brought the disbursement of accounts to a halt. It doesn't appear that there is any tax liability, but in Malta, roadblocks are regularly thrown up by the authorities, which have the effect of indefinitely delaying matters until justice does a natural death through Old Man Time.

 Meanwhile, the bank's money laundering was uncovered back in 2018. However, Its license was not pulled until 2020, and no officers or directors have been charged with any financial crime, even though rampant money laundering of many millions of Euros reportedly went on throughout the bank's existence. A scathing report by the island nation's Financial Intelligence Analysis Unit (FIAU) never resulted in any indictments or arrests.

 Compliance officers at banks in the European Union have long learned to closely examine any major transaction originating in a Maltese bank, lest they find out years later, from a law enforcement agency of their own that the funds were illicit deporits artfully laundered in Valletta. Caveat Compliance Officer, please.