On Wednesday 11 July, the European Banking Authority (EBA) concluded that the Maltese Financial Intelligence Analysis Unit (FIAU) broke EU law on supervision in the case of the bank Pilatus.
In its recommendation, it flags up systematic shortcomings of this authority, which is responsible for enforcing EU anti-money laundering rules, and sets out measures to be taken to remedy this breach.
Readers may recall that in October 2017, the European Commission asked the EBA to investigate a...