Bank Account Blocked in Malta

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superban

superban

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Dec 12, 2019
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Hello,

My name is Marco, I live in South America and I have a bank account in Malta that has been blocked (with 40.000 € in it) after I bought a land in Thailand for 140.000 €. This purchase was part of a project to build an eco-village there with other 15 people.

When they asked for documents I sent immediately all I have, but after 2 months they don't answer my email and the bank account is still blocked.

If you can help me in this situation would be great.

Thank You and Best Regards,
 
The Malta Financial Services Authority (MFSA) is the supervising authority overseeing banks in Malta. They have a website with information regarding complaints: Complaints - MFSA

Ultimately, it depends on the reason why the account is blocked. An arbiter does not have the power to compel the bank to unblock the account if it is blocked on suspicion of money laundering or other criminal activity.

You may have to take it to court, but your first step (if you can't find a solution with the bank) is to go to the MFSA.

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This is the probably the answer to your question.
 
superban said:
superban said:
I have a bank account in Malta that has been blocked (with 40.000 € in it) after I bought a land in Thailand for 140.000 €.
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Which bank?

I had my MeDirect account blocked recently but lucky had moved all my assets from it and had requested it be closed before they started the drama.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Thank You Sols for your reply, I will look into it.

Martin, the bank is Bank of Valletta.

Thank You for your advices.
 
superban said:
superban said:
Martin, the bank is Bank of Valletta.
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Ok. No worries good luck. Malta MFSA is useless by the way. Ask Satabank customers like me.

btw BOV has major problems ahead with US as the capital for the Iranian laundromat bank Pilatus Bank Malta that had its license revoked was paid in via BOV. I wouldn't touch the bank with a barge pole for foreseeable future. It seems USD US based correspondence banks agree.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Do you not have an account manager? Did you write to their ICC department?

South America residence, Malta account, property investment in Thailand... Banks do not seem to like such diversity anymore. I always think thrice where to send money from to not ring too many bells. And there are more bells in Malta than you can imagine 🙂
 
Thank you BlueMist, I don't have a private account manager but I just wrote to the ICC department and I hope in a reply.
 
Martin Everson said:
Martin Everson said:
I had my MeDirect account blocked recently but lucky had moved all my assets from it and had requested it be closed before they started the drama.
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You get your accounts very often blocked as I read 😀 - anyway, do you consider Malta as a no go for banking?

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BOV has been so busy with closing all nonresident business accounts in recent months, the other malta banks don't accept these dismissed companies , in these days lots of trouble in Malta.
 
Deniz said:
Deniz said:
BOV has been so busy with closing all nonresident business accounts in recent months, the other malta banks don't accept these dismissed companies , in these days lots of trouble in Malta.
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Banif is calling, then e-mailing, people who have a local account but are no longer registered with any Maltese commune. I just wonder how they got commune data. But place Banif into this category as of... this month?
 
ontherun said:
ontherun said:
Banif is calling, then e-mailing, people who have a local account but are no longer registered with any Maltese commune. I just wonder how they got commune data. But place Banif into this category as of... this month?
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all banks require companies to demonstrate substantial economic substance links to Malta otherwise close the account or not accept the companies regardless of type of companies.
 
Malta is doing what they have to do in order to save banking system, getting rid of fishy accounts and closing offshore non-resident accounts. It is a no-go for non-residents for quite a while
 
Mark Rucken said:
Mark Rucken said:
Malta is doing what they have to do in order to save banking system, getting rid of fishy accounts and closing offshore non-resident accounts. It is a no-go for non-residents for quite a while
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🙁 and Banif used to be one of the only places where Chinese nationals were able to open an account without an employment contract...
 
I think the problem here is the diversity of jurisdictions. Banks are terrified of fines, and stuff.

The best bet is to have accounts in different regions. If you're doing (or hoping to do) business in Asia, have an account in Singapore (the only feasible jurisdiction for banking in Asia, IMO). For EU, use Cyprus, or something like that.

Also, if possible, before you open an account, or even decide to do a big transaction with the bank, talk to the reps. Some MOST banks are conservative. Some don't like certain regions. Hell, even different bank employees (even execs) have varied opinions on different things.

So don't let people who are looking at your account history / activities scratch their heads.
 
Admin said:
Admin said:
You get your accounts very often blocked as I read 😀 - anyway, do you consider Malta as a no go for banking?
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I would avoid right now unless there is a compelling reason not to. The banks are battening down the hatches as a storm is ahead. Seems to me the country is up against some deadline to clean up their act after so many bank failures due to money laundering and for such a small EU nation. The criticism it received for selling passports to Russian criminals also does not help the country.

https://www.thetimes.co.uk/article/malta-is-a-mafia-state-claims-author-6r3tks558

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
I would avoid right now unless there is a compelling reason not to. The banks are battening down the hatches as a storm is ahead. Seems to me the country is up against some deadline to clean up their act after so many bank failures due to money laundering and for such a small EU nation. The criticism it received for selling passports to Russian criminals also does not help the country.

https://www.thetimes.co.uk/article/malta-is-a-mafia-state-claims-author-6r3tks558
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Yeah, I mean they started selling fast-tracked citizenships for $1 mil. It's just downright commoditizing citizenships. Only a couple of other countries have ever done this to this scale IMO. Even Caribbean countries do it better than Malta. Must have been very desperate for cash.
 
buenosdias said:
buenosdias said:
Must have been very desperate for cash.
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They are.......in brown envelopes handed under a desk to make things go smoothly senora. Just like banking license applications for laundromat banks like Satabank and Pilatus bank.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
lol..I'm serious if Malta was not in EU it would be on the EU blacklist period. It ticks every box for being blacklisted i.e corruption, killing of investigative journalists, money laundering, sham banking licenses, oil smuggling, selling citizenship to criminals, lax compliance and basic failed rule of law etc etc.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
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