MALTA: BILLIONS OF EUROS IN SATABANK TRANSACTIONS DEEMED ‘HIGHLY SUSPICIOUS’

 

The Times of Malta on 27th January reported that financial regulators and police are looking into a “cornucopia” of cases with suspected links to fuel smuggling, drug trafficking, the Mafia and black listed countries.  All 12,000 of Satabank’s accounts were effectively frozen by the MFSA in October, after an inspection by the MFSA and FIAU, with EY appointed to administer the bank’s assets in “the best interests of depositors”.  The newspaper says that, prior to the bank gaining its licence in Malta, Satabank’s Bulgarian co-owner Christo Georgiev ran an e-money business in Luxembourg.  He has since faced a number of international investigations into alleged wrongdoing.  The group the bank forms part of had voluntarily surrendered its electronic money institution licence issued by Luxembourg shortly after Satabank was given its licence in Malta.

https://www.timesofmalta.com/articles/view/20190127/local/half-of-satabanks-transactions-were-highly-suspicious.700280

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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