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Elke werkdag het laatste nieuws van Extra, nu ook in het Nederlands. Bron: Extra

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Democracy Now! is a national, daily, independent, award-winning news program hosted by journalists Amy Goodman and Juan Gonzalez. Democracy Now!’s War and Peace Report provides our audience...

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FT | Malta bank was set up with ‘criminal proceeds’, say prosecutors

HomeNieuwsFT | Malta bank was set up with ‘criminal proceeds’, say prosecutors

Cynthia O’Murchu in London | Financial Times

US claims against Pilatus Bank raise fresh questions over island’s financial system

A Maltese private bank accused of having been used to launder money linked to high ranking government officials was set up using the criminal proceeds of an unrelated sanctions busting scheme involving Iran and Venezuela, US prosecutors allege.

A Maltese private bank accused of having been used to launder money linked to high ranking government officials was set up using the criminal proceeds of an unrelated sanctions busting scheme involving Iran and Venezuela, US prosecutors allege.

The assets of Pilatus Bank were frozen in March after Seyed Ali Sadr Hasheminejad, its then chairman and owner, was arrested and charged with organising a scheme to illegally funnel more than $115m from Venezuela to Iranian-controlled companies via western banks. The indictment did not refer to Pilatus Bank.

However, a new letter filed to the US court by prosecutors alleges that Mr Sadr used nearly €9m of “criminal proceeds directly linked to the Venezuela project” to “establish and capitalise the bank” in 2013.

The US prosecutor’s allegation will raise fresh questions about whether Malta’s financial system is equipped to stem the flow of allegedly criminal money through its system to the rest of Europe.

Malta’s rule of law has come under scrutiny by European lawmakers in recent months, particularly following the death in a car bomb of investigative journalist Daphne Caruana Galizia. Her allegations of high-level government corruption in the island nation have unleashed a political scandal. Her reporting also focused on Pilatus Bank, revealing damning intelligence reports from Malta’s anti-money laundering unit which highlighted suspect transactions involving the bank.

Brussels in April proposed measures to enhance anti-money laundering rules, including improving cross-border co-ordination and data sharing among law enforcement authorities.

New rules are also under consideration, according to a Reuters report on Thursday citing EU officials. The plans were prompted by banking scandals such as Pilatus Bank and ABLV, formerly Latvia’s third-largest bank, which was accused of “institutionalised money laundering”. Both revealed flaws in the EU’s money laundering provisions, with regulators only taking action after US authorities stepped in.

Pilatus Bank continued to operate until Mr Sadr’s arrest, despite the fact that Malta’s anti-money laundering unit had been aware since 2016 that Mr Sadr was being investigated in a foreign jurisdiction on suspicion of money laundering.

The claim that criminal funds seeded Pilatus Bank will draw further attention to the quality of due diligence carried out by the Maltese regulator, KPMG and the Bank of Valetta. KPMG assisted Mr Sadr in his application for a banking licence and audited Pilatus Bank’s accounts. Pilatus Bank’s initial share capital of €8m was deposited at Bank of Valetta, according to public records. Bank of Valetta declined to comment. KPMG and Pilatus Bank did not respond to a request for comment.

“No ‘red flags’ cropped up during the due diligence and authorisation process which would have indicated that any of the companies or activities associated with Mr Sadr were involved in any investigations or illicit activities,” the Maltese Financial Services Authority — which is currently investigating Pilatus Bank — said.

David Casa, a Maltese MEP, called for the publication of an intelligence report the MFSA commissioned from an independent company during its due diligence process on Pilatus Bank.

Mr. Sadr’s lawyer declined to comment but said his legal team would address the allegations in court.

Bron: Financial Times

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