Christopher Buttigieg | FinTelegram News

Tag: Christopher Buttigieg

June 13, 2022

Lifestar’s Court Challenge Against Maltese Regulator MFSA Commences!

Earlier this year, LifeStar Insurance, a licensed Maltese insurance firm, filed court proceedings against its regulator MFSA, and one of its top officials. Paolo Catalfamo, the owner of major insurance company LifeStar, formerly Global Capital, is claiming “arbitrary and capricious treatment” and accused Christopher Buttigieg, a top MFSA official of pressuring him to sell his company to a competitor. The first sitting in front of Judge Toni Abela took place on 30th May 2022. The next sitting is scheduled for 5th July.

Malta Financial Services Authority

May 13, 2022

Malta Exodus Continues With Wood & Company Surrendering Its Fund License!

More licensed firms and funds are surrendering their Malta license. The smallest EU country was greylisted in June 2021 by the Financial Action Task Force (FATF). Wood & Company, a Czech Republic-owned company, registered a Malta company in 2006 namely Wood & Company Funds SICAV p.l.c. The company has now voluntarily surrendered its license for one of its sub-funds, namely the Wood & Company Textiles Fund. This fund was operated by Wood Textiles Holding Limited, a Malta-based company that has since been struck off.

May 8, 2022

That hurts! NBG Bank Malta surrenders its investment services license!

The departure of licensed firms leaving Malta continues. This time around, NBG Bank Malta is surrendering its Malta investments services license. NBG, short for National Bank of Greece, was set up in Malta in 2006. In June 2021, Malta was grey-listed by the FATC. This has resulted in more than 100 licensed firms surrendering their license over the past months. Licenses are issued by MFSA. The regulator has been harshly criticized over the past years for lack of action against money laundering and structural corruption.

May 3, 2022

Interesting – MFSA and Christopher Buttigieg taken to court by Maltese insurance firm!

LifeStar Insurance, a MFSA-licensed Maltese insurance firm, has filed court proceedings against its regulator MFSA and one of its top officials. Paolo Catalfamo, the majority shareholder of LifeStar Insurance, formerly Global Capital, has taken MFSA to court, claiming “arbitrary and capricious treatment” and accused the regulator's Chief Office Supervision, Christopher Buttigieg, of pressuring him to sell his company to a competitor. LifeStar Insurance initiated judicial proceedings against the regulator, alleging undue interference.

April 11, 2022

The Maltese blockchain disaster – another crypto firm surrenders its license!

Another licensed crypto firm surrendered its MFSA license. Mint Exchange Limited, a Malta-based company with an MFSA license under the Virtual Financial Assets Act has called it a day from Malta and voluntarily surrendered its license. Mint Exchange was set up in 2018 and is the operator of the website www.mintexchange.io. According to its website, Mint Exchange would be the world’s first cryptocurrency clearinghouse designed for institutions to access all major exchanges through a single gateway. However, the venture obviously never came into gear!

Malta Financial Services Authority

March 23, 2022

MFSA-regulated Michael Grech Financial Investment Services ordered to pay €43,000 in damages!

The MFSA-regulated Michael Grech Financial Investment Services Limited (www.michaelgrechfinancial.com) has its offices on the beautiful island of Gozo. The Maltese Arbiter ordered the company to pay €43,000 in damages to former clients who lost a substantial part of their investments. Michael Grech is the company's main shareholder and director. The Arbiter found that the regulated investment firm failed to adhere to the laws when selling these products to the clients.

March 3, 2022

Russian-Maltese Exante still operating in Malta and Cyprus despite Russia’s blacklisting

Exante Group is a Maltese-Russian investment venture with XNT LTD (previously known as Exante Ltd), an investment firm regulated by the Malta Financial Services Authority (MFSA), and EXT Ltd, an investment firm regulated by CySEC. Exante has a long story of investigations by authorities in the U.S. In 2021, the Russian Central Bank blacklisted Exante and its CySEC-regulated entity. An investigation by The Shift found that the Exante companies are still operating. It is still listed as a member firm of the Malta Stock Exchange (MSE).

February 25, 2022

A regulatory issue! The exodus of licensed financial services firms from Malta

Malta is an offshore place in the EU with weak regulators. We know that! Consequently, it was was grey-listed by the Financial Action Task Force (FATF) in June 2021. Since then 100 licensed firms surrendered their Malta license. A monthly average of 12 firms, SICAVs, and funds opted to return their license to the MFSA and terminate their operations in Malta. This information is public on the Authority's website, althou

December 12, 2021

Maltese Calamatta Cuschieri was found guilty of not following investments rules!

The Maltese Arbiter for Financial Services ruled that Calamatta Cuschieri Investment Services Ltd (www.cc.com.mt) d/b/a Calamatta Cuschieri is guilty of not meeting the relevant regulatory obligations. The detailed decision describes how an investor lost more than €100,000 through investments, which were suggested to him by Calamatta Cuschieri. The MFSA-regulated company is part of the CC Finance Group PLC and one of the largest financial services firms in Malta and is also the distributor of UBS funds in Malta.

November 25, 2021

Regulatory Monitor – Malta’s XNT hit by resignations of its directors!

XNT LTD (previously known as Exante Ltd) is an investment firm incorporated in Malta and regulated by the Malta Financial Services Authority (MFSA). Three directors resigned during the past months, namely Joseph Zammit Tabona, Michael Bianchi, and Lawrence Zammit. The present directors are Alexey Kirienko and Anatoly Knyazev; they have links with former Maltese Prime Minister Joseph Muscat, allegedly the most corrupt politician in 2019.

September 30, 2021

EFRI, Paytah, and quite interesting Financial Ombudsman Hearings in Malta

Phoenix Payments Ltd d/b/a Paytah, registered in Malta and regulated by the MFSA, is currently at the center of regulatory and criminal investigations in several European jurisdictions. In addition, Paytah is facing claims from scam victims who made deposits to various scams through Paytah and its affiliates. The European Fund Recovery Initiative (EFRI) represented the interests of victims at an obscure Financial Ombudsman hearing in Malta. Franklin Cachia of CSB Group represented Paytah. Cachia is currently the company's contracted compliance officer.

August 21, 2021

Background Report – International cybercrime, Bet90, and the dirty Maltese connections!

It was perhaps the largest cybercrime organization in Europe, but certainly, it was in Germany. The public prosecutor's office announced that the cybercrime case surrounding the German Uwe Lenhoff, who died in prison, had produced more than 200,000 victims in Germany alone. Lenhoff and Dutch real estate investor Dirk-Jan Bakker established Veltyco Group PLC, which is listed on the London Stock Exchange. After Lenhoff's death, the company was renamed B90 Holdings PLC and operates the Bet90 sportsbook platform , licensed by the MGA. Bet90 has been funded with money stolen from the victims in this very same cybercrime case.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.