ECB Revokes License of Maltese Scandal-Hit Pilatus Bank - Financial Regulator
The European Central Bank (ECB) has withdrawn the banking license of Maltese Pilatus Bank, whose former chairman was charged with money laundering and violation of Iran sanctions in the United States earlier this year, Malta's Financial Services Authority (MFSA) said on Monday.
MOSCOW (Pakistan Point News / Sputnik - 05th November, 2018) The European Central Bank (ECB) has withdrawn the banking license of Maltese Pilatus Bank, whose former chairman was charged with money laundering and violation of Iran sanctions in the United States earlier this year, Malta's Financial Services Authority (MFSA) said on Monday.
The MFSA said in late June that it had asked the ECB to revoke the license of Pilatus Bank due to the indictment of its Iranian-born former chairman Ali Sadr Hashemi Nejad and because the bank had been breaching the liquidity coverage.
"Further to the Authority's proposal to the European Central Bank (ECB) to withdraw the authorization of Pilatus Bank as a credit institution, the ECB's Governing Council has decided to withdraw the authorization of Pilatus Bank with effect from today," the MFSA statement read.
Pilatus Bank was also accused of money laundering by investigative journalist Daphne Caruana Galizia who died in a car bombing in October 2017.