ECB Shuts Down Maltese Bank Over Schemes to Launder Money and Evade US Sanctions

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 Its banking license was revoked after its chairman was charged within the U.S. with cash laundering and organizing a scheme to evade U.S. sanctions.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Malta Monetary Providers Authority (MFSA) introduced on Monday that the ECB has withdrawn the banking license of Pilatus Bank which has been working in Malta for 4 years.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…

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