The European Union’s top banking watchdog has found “general and systematic shortcomings” in Malta’s application of EU anti-money-laundering rules, it said on Wednesday.
The European Banking Authority’s (EBA) criticism came as it concluded an enquiry into the way Malta’s anti-money laundering watchdog the Maltese Financial Intelligence Analysis Unit (FIAU), investigated alleged wrongdoings at Pilatus Bank, a lender on the island.
The Maltese FIAU said in a statement it was “disappointed” with the EBA’s report and had “serious reservations” about the enquiry.
The EBA’s enquiry pointed to general and systematic shortcomings in the FIAU’s application of EU anti-money laundering rules, the regulator said.
– Link to Reuters.
– By Francesco Guarascio, Reuters, 11 July 2018