FIAU and MFSA 'confidential' information sparked Pilatus investigation in 2018
Confidential information that reached the police in October 2018 sparked investigations into the workings of Pilatus Bank over suspicions of money laundering, a court heard on Friday. The source of that information was initially withheld by the first police witness to take the witness stand when criminal proceedings kicked off against the bank and its former money laundering reporting officer Claude-Ann Sant Fournier. However, the sources were disclosed by a subsequent police witness who named the FIAU (Financial Intelligence Analysis Unit) and the MFSA (Malta Financial Services Authority). First to take the stand, Inspector Keith Vella, a former member of the anti-money laundering squad, explained under cross-examination that that source was protected in terms of the law. “Is it the FIAU? The same authority that imposed a €4.9 million fine on the bank,” asked defence lawyer Stefano Filletti. But the witness insisted that the information that had reached police authorities on October 16 was "confidential". That information appeared to indicate various forms of suspected money laundering activities, including the opening of accounts without all the necessary paperwork, lack of...