ECB can­cels li­cense of Malta bank

Banking Frontiers - - News -

The Euro­pean Cen­tral Bank has with­drawn the banking li­cense of Malta’s Pi­la­tus Bank. The de­ci­sion fol­lows the US charg­ing the chair­man of the bank un­der money laun­der­ing and bank fraud reg­u­la­tions. The bank had been ac­cused of pro­cess­ing cor­rupt pay­ments for se­nior Az­eri and Mal­tese fig­ures. The ECB’s gov­ern­ing coun­cil has de­cided to with­draw the au­tho­riza­tion of Pi­la­tus Bank, a state­ment is­sued by Malta Fi­nan­cial Ser­vices Author­ity said. The Mal­tese reg­u­la­tor had rec­om­mended re­vok­ing the bank’s li­cense in June. The EU be­gan in­ves­ti­gat­ing the Pi­la­tus case af­ter jour­nal­ist Caru­ana Gal­izia’s mur­der in Oc­to­ber 2017. Mal­tese au­thor­i­ties took no ac­tion un­til the Ira­nian chair­man of the bank, Ali Sadr Hashemi Ne­jad, was ar­rested in the United States in March on charges of money laun­der­ing and sanc­tions vi­o­la­tions.

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