Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

EU lawmakers urge probe into Malta's top bank after ECB flags dirty-money risks

Stock Markets Nov 21, 2019 02:08PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A branch of the Bank of Valletta is seen in Valletta 2/2
 
BOV
+2.27%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

BRUSSELS (Reuters) - European Union lawmakers urged Maltese and EU authorities on Thursday to investigate Malta's top lender after the European Central Bank (ECB) found its risk monitoring had "severe shortcomings" that could have allowed money laundering or other criminal activities.

Reuters reported on Wednesday about a confidential ECB review of Bank of Valletta (BoV) (MT:BOV) in which the Frankfurt-based regulator said BoV had failed for years to detect or address risks involving thousands of payments.

The ECB called for remedial action by the end of this year to deal with the problem.

"Maltese authorities would be well advised to investigate thoroughly what went wrong and if criminal offences have been committed in the process," said Markus Ferber, a German center-right lawmaker who leads on financial matters in the largest political grouping in the European Parliament.

Sven Giegold, the Greens' leading European lawmaker on financial matters, urged a European investigation on the dirty-money risks identified at BoV.

Bank of Valletta (BoV) said on Thursday that it has, over the past eighteen months, been conducting a major transformation program which is expected to be completed by the end of the second quarter of 2020.

It said the de-risking of legacy issues is taking longer to implement but it expects significant progress by the second quarter of 2021.

In an email, Malta's police declined to comment on whether any criminal investigation had been launched.

"Compliance issues and breaches are not criminal offences" and should be handled by administrative bodies, the police said.

"Should cases of money-laundering breaches be discovered, then the police will be involved accordingly."

An ECB spokesman declined to comment.

In July Moneyval, a European money-laundering watchdog, said the fight against dirty money did "not appear to constitute a priority for the Maltese authorities", and raised concerns about the police's ability to combat financial crime.

EU finance ministers are set to approve a joint statement in December in which they will call for a transfer of powers over money-laundering policing to EU authorities, according to a draft document seen by Reuters.

EU lawmakers urge probe into Malta's top bank after ECB flags dirty-money risks
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email