Billions of euros in Satabank transactions deemed 'highly suspicious'
'This makes previous money laundering cases look like child's play'
Billions of euros in Satabank transactions deemed 'highly suspicious'
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Billions of euros in suspicious transactions through Satabank are under investigation.
Financial regulators and police are looking into a cornucopia of cases with suspected links to fuel smuggling, drug trafficking, the Mafia and black listed countries, a senior source privy to the case has told The Sunday Times of Malta.
“This makes previous cases of money laundering through a Maltese financial institution look like child’s play,” the source said.
“The extent to which crime seems to have infiltrated this bank is quite astounding. It is one of the most complex cases︀ we have ever had to deal with.”
All 12,000 of Satabank’s accounts were effectively frozen︁ by the Malta Financial Services Authority last October, with EY (formerly Ernst and Young)︂ appointed to administer the bank’s assets in “the best interests of depositors”.
The move came︃ after a joint inspection and audit by the Malta Financial Services Authority and Financial Intelligence︄ Analysis Unit last year found shortcomings in the bank’s anti-money laundering procedures. The police have︅ since been roped in, as well as a magistrate to help facilitate the investigations.
The extent of the problem
Details of what irregularities were discovered at the bank have so︆ far been held under lock and key.
Sources however have now told The Sunday Times︇ of Malta that the extent of the alleged irregularities detected at the bank in recent︈ months had exceeded what the authorities had initially expected.
They explained that tens of billions︉ of euros in transactions had passed through the Paceville bank during its four years of︊ operation and investigators now believe as much as half of these may have been “high︋ risk and highly suspicious”.
“There are accounts through which hundreds of millions were channelled, with︌ very lax controls, and in some cases from questionable sources. Each account is now being︍ analysed to make sure that only ‘clean funds’ are released. It is a painstaking process,”︎ one source said.
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'This makes previous money laundering cases look like child's play'
Billions of euros in Satabank transactions deemed 'highly suspicious'
----quote-----------
Billions of euros in suspicious transactions through Satabank are under investigation.
Financial regulators and police are looking into a cornucopia of cases with suspected links to fuel smuggling, drug trafficking, the Mafia and black listed countries, a senior source privy to the case has told The Sunday Times of Malta.
“This makes previous cases of money laundering through a Maltese financial institution look like child’s play,” the source said.
“The extent to which crime seems to have infiltrated this bank is quite astounding. It is one of the most complex cases︀ we have ever had to deal with.”
All 12,000 of Satabank’s accounts were effectively frozen︁ by the Malta Financial Services Authority last October, with EY (formerly Ernst and Young)︂ appointed to administer the bank’s assets in “the best interests of depositors”.
The move came︃ after a joint inspection and audit by the Malta Financial Services Authority and Financial Intelligence︄ Analysis Unit last year found shortcomings in the bank’s anti-money laundering procedures. The police have︅ since been roped in, as well as a magistrate to help facilitate the investigations.
The extent of the problem
Details of what irregularities were discovered at the bank have so︆ far been held under lock and key.
Sources however have now told The Sunday Times︇ of Malta that the extent of the alleged irregularities detected at the bank in recent︈ months had exceeded what the authorities had initially expected.
They explained that tens of billions︉ of euros in transactions had passed through the Paceville bank during its four years of︊ operation and investigators now believe as much as half of these may have been “high︋ risk and highly suspicious”.
“There are accounts through which hundreds of millions were channelled, with︌ very lax controls, and in some cases from questionable sources. Each account is now being︍ analysed to make sure that only ‘clean funds’ are released. It is a painstaking process,”︎ one source said.
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