MALTA WATCHDOG SAYS EU HAS DROPPED ITS AML PROBE INTO PILATUS BANK AFFAIR – SITUATION TO BE KEPT UNDER REVIEW

Reuters on 25th September reported that the Malta Financial Services Authority said a preliminary EU investigation by the EBA into how it applied EU AML rules at Pilatus Bank has been dropped.  The EBA has said it would soon publish the letters it has sent to the European Commission and the European Parliament in relation to the case.

However, what appears to have actually happened is that, while the EBA has decided not to open a breach of EU law investigation into the MFSA, the EBA did identify significant concerns about the actions of the MFSA in some areas.  They are outlined in the EBA’s letter to the EU Commission and Parliament and the MFSA has informed the EBA about is plans to improve its authorisation and supervisory processes.  The EBA has asked the MFSA to report on a quarterly basis on the steps taken to implement these plans.  The letter to the Commission and Parliament have been published by the EBA.

https://uk.reuters.com/article/uk-malta-banks-regulator/malta-watchdog-says-eu-has-dropped-its-anti-money-laundering-probe-idUKKCN1M51EE

http://www.mondovisione.com/media-and-resources/news/eba-notifies-the-european-commission-and-meps-on-the-outcome-of-its-enquiry-into/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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