The Malta Independent 2 March 2021, Tuesday

FIAU says it was never directed by courts to ‘cut fines on sanctions already imposed’

Friday, 22 January 2021, 11:59 Last update: about 2 months ago

The Financial Intelligence and Analysis Unit (FIAU) has said that it was never directed by the Law Courts to "cut fines" on sanctions already imposed by the Unit.

The FIAU was reacting to an article which appeared in the Times of Malta, which read that the FIAU "is not planning to revise downwards any of the administrative fines it has imposed, despite a recent court ruling saying such penalties cannot be higher than 10 per cent of a business' annual turnover." This following a court decision which reduced the €3.7 million fine the unit had imposed on Satabank to €851,000. The FIAU argued that this did not set a legal precedent.


In a statement, the Unit said that it respects and fully abides by any court decisions. "In contrast to what the newspaper article tries to imply, the FIAU was never directed by the Law Courts to 'cut fines' on sanctions already imposed by the Unit. Furthermore, the FIAU categorically denies that fines are being dished out because the Unit is seeking to become financially independent. The primary objective of the FIAU, as Malta's AML/CFT regulator, is to ensure that Subject Persons comply with their anti-money laundering obligations."

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