European Central Bank revokes license of Pilates Bank

Author Details
Author (Corporate)
Publication Date 05/11/2018
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Summary:

On 5 November 2018, the European Central Bank (ECB) revoked the license of the Maltese Pilatus Bank due to charges of money-laundering.

The ECB has been investigating the bank since the murder of the journalist Daphne Caruana Galizia, who had accused the bank of fraud.

Further information:

The bank's chairman Ali Sadr Hashemi Nejad has been arrested in the United States (US) in March 2018 on charges of money laundering and sanction violations. After the chairman was arrested, the Maltese Financial Services Authority (MFSA) froze the assets of the bank and requested the ECB to take action.

Related Link(s)
Commentary and Analysis
Reuters, 16.10.18: ECB moves to revoke license of Malta's Pilatus Bank: sources https://uk.reuters.com/article/us-eu-malta-pilatus/ecb-moves-to-revoke-license-of-maltas-pilatus-bank-sources-idUKKCN1MQ2OI

News
BBC News, 05.11.18: Malta's Pilatus Bank shut down over fraud charges https://www.bbc.co.uk/news/business-46097564
Times of Malta, 05.11.18: Pilatus Bank officially shut down https://www.timesofmalta.com/articles/view/20181105/local/pilatus-bank-officially-shut-down.693513
Reuters, 05.11.18: ECB revokes licence of Malta's Pilatus Bank https://uk.reuters.com/article/ecb-malta-pilatus/ecb-revokes-licence-of-maltas-pilatus-bank-idUKL8N1XG2JH

Official
MFSA: Media releases, 28.10.18: Public Notice regarding Pilatus Bank https://www.mfsa.com.mt/pages/readfile.aspx?f=/files/Announcements/PressReleases/2018/Pilatus%20Bank%20Public%20Notice.pdf

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Record URL https://www.europeansources.info/record/?p=502027