PN calls on the Authorities to resolve problems caused to Satabank clients

Satabank newsroom

The Partit Nazzjonalista urged the Malta Financial Services Authority to communicate effectively with Satabank clients who have been left in the dark following the public notice. The Party underlined that the Satabank saga could have negative implications on Malta.

The PN in a statement said that while the Authority announced that it would allow “controlled access” to the clients, the clients still experienced difficulties with opening new bank accounts. The Party also pointed out that many clients already have a bank account however they remain without access to their deposits at Satabank.

Accounts at the bank have been frozen since 20 October after an inspection and audit by the MFSA and the Financial Analysis Intelligence Unit (FIAU) found shortcomings in the bank’s anti-money laundering procedures.

The Party explained that this was leading foreign direct investment in Malta seek alternative jurisdictions in which to relocate.

The PN reiterated the need to find a solution for the bank clients who were indiscriminately targeted by the authorities.

Italian lawyer Francesco Trimboli had explained that clients with personal or business accounts at Satabank faced day-to-day problems which led to the founding of consumers’ association for bank and financial services users. He had also remarked that the decision to freeze all bank accounts was indeed strange.