Tag: HSBC Bank Malta

Malta’s Financial Intelligence Analysis Unit (FIAU) has been sued by more than a dozen companies and professionals. The authority is accused of having breached Malta’s Constitution and the European Convention for Human Rights, given that it acts as judge, jury, and prosecutor. The same entity that decides whom and when to investigate or not carries out the investigation and then decides on the punishment to be given has been trying to defend itself at Malta’s courts.

“Being very strong with the weak and very weak with the strong” was the criticism launched towards Malta’s FIAU by various professionals, international media, and institutions. After firing hefty fines against small operators, including advocates and notary public, the FIAU, headed by Kenneth Farrugia and Alfred Zammit, recently came up with a token fine against HSBC Bank Malta. The fine considered a joke by international media is just €83,000. FIAU has earned the reputation as a "Pussycat Regulator."

Malta is different! The Chairman of Malta's largest Bank, Gordon Cordina, has a nice side hustle through E-Cubed Consultants Limited, a company registered in Malta and operating from its Mosta offices. Gordon Cordina owns half of the shares of E-cubed Consultants Ltd and serves as a director. His partner is Stephanie Vella. The firm's auditors are RSM Malta Ltd. Fintelegram has received intelligence that clearly shows that Bank of Valletta's Chairman also acts as a consultant to the highly controversial Malta Gaming Authority (MGA).

The Malta Gaming Authority issued a gaming company's license knowing its ultimate beneficial owner was facing prosecution in Italy for financial crimes. According to documents received by Fintelegram, MGA was aware of criminal investigations against Marcel Boekhoorn and his Habanero Systems Limited during the licensing procedure. In 2019, the Durch billionaire Boekhoorn was accused by prosecutors in Reggio Calabria, Italy, of using "money, goods or assets of illicit origin."