EU officials took the unprecedented step Thursday of directly ordering a member state's financial regulator to improve its supervision of banks for anti-money laundering purposes.
Maltese banks lack the means to mitigate the risk of illicit foreign capital flowing through their nation's relatively "large financial sector," according to the Malta Financial Services Authority, or MFSA.
Financial investigators in Malta are sifting through transactional records, internal emails and other data at Pilatus Bank for evidence of money laundering and other illicit activity, a senior regulator told European lawmakers Tuesday.
The Financial Intelligence Analysis Unit of Malta published its Annual Report for 2018 highlighting the agency's unprecedented level of engagement with European and international institutions as part on ongoing efforts to improve supervision of the financial and related sectors.
June 19, 2019
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