US sanctions no obstacle to HSBC funds held by Darren Debono, court rules
Magistrate orders release of HSBC funds belonging to suspected fuel smuggler Darren Debono, which were frozen over US sanctions
11 May 2021, 3:39pm
by Matthew Agius
US Treasury Department sanctions against former professional footballer and suspected fuel smuggler Darren Debono cannot stop a locally registered assurance company from releasing funds to him, according to a ruling by the First Hall of the Civil Court.
Debono is the subject of investigations over alleged fuel smuggling. The US had imposed sanctions against Debono and three other Maltese in February 2018.
As a result, HSBC Life Assurance (Malta) had refused to release funds held on behalf of Debono with them under a Savings Plan and a Private Retirement Plan.
It will provide pensions and investment services to UK expats retired in the EU
UK-based advisory firm Dominion Financial Management (DFM) has entered into an agreement with Europe-based fund solutions provider Altarius Group to create a regulated advice company.
The unnamed entity, which will be set up in Malta, will be authorised in the EU by the Malta Financial Services Authority (MFSA) to provide pensions and investment advice to UK expats that have retired to Europe.
DFM said the partnership came about due to the lack “of any reciprocal arrangements between the Financial Conduct Authority (FCA) and the EU regarding the previous passporting of financial services into the EU by UK”.
Sanctions by the US Treasury Department cannot stop a locally registered assurance company from releasing funds to former footballer and suspected fuel smuggler Darren Debono, a civil court has ruled.
Debono is facing investigations for alleged international fuel smuggling. The US imposed sanctions against Debono and three other Maltese in February 2018.
As a result, HSBC Life Assurance (Malta) had refused to release funds Debono held with them under a Savings Plan and a Private Retirement Plan.
The company argued that it could not release the funds for regulatory reasons, since its parent company s shares are listed on the New York Stock Exchange and it is therefore prevented from making the payments since it is regulated by the US government.
The prospect that the Financial Action Task Force may not greylist Malta following progress made in local efforts to curb money laundering is the best piece of good news that the country is likely to have this year.
For years, Malta was perceived to disregard anti-financial crime regulations defined by the FATF, the intergovernmental body that sets global anti-money laundering standards.
Sufficient progress may now have been achieved in strengthening the anti-money laundering process to avoid Malta’s greylisting.
The tangled web spun by some rogue politicians and their business cronies has led to money laundering, corruption, state capture, the plundering of taxpayers’ money and has even resulted in the assassination of a journalist.
MFSA, Police Force to collaborate on financial crime
A Memorandum of Understanding will facilitate collaboration between the two to combat financial crime
10 May 2021, 1:41pm
by Nicole Meilak
To strengthen the fight against financial crime, the Malta Financial Services Authority (MFSA) and the Malta Police Force have signed a Memorandum of Understanding to formalise collaboration between the two entities.
The agreement, signed on Monday with immediate effect, is among several initiatives being taken up by the MFSA to establish cooperation with national and international stakeholders, according to the authority’s interim CEO Christopher Buttigieg.
“This MoU is part of our resolve to enhance levels of collaboration with key partners,” he said. “The agreement we have signed with the Malta Police Force reflects the determination of our institutions to combat financial crime, money laundering and the funding of terrorism.”