Malta’s Pilatus Bank has been shut down by the European Central Bank (ECB). Its banking license was revoked after its chairman was charged within the U.S. with cash laundering and organizing a scheme to evade U.S. sanctions. The financial institution had additionally been accused by a murdered journalist of processing corrupt funds. EU authorities now need new powers to crack down on cash laundering.
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Pilatus Bank’s License Revoked
Malta Monetary Providers Authority (MFSA) introduced on Monday that the ECB has withdrawn the banking license of Pilatus Bank which has been working in Malta for 4 years.
The Monetary Instances elaborated:
The transfer comes a number of months after U.S. authorities charged the financial institution’s Iranian-born proprietor and former chairman Seyed Ali Sadr Hasheminejad with organising a scheme to evade U.S. sanctions towards Iran by illegally funnelling greater than $115 million…