Why didn’t Bank of Valletta file an STR with the FIAU over Lydia Abela’s bank account and property purchase?

Lydia Abela never accumulated €350,000 among other savings and capital to make land purchases and other investments. She received the money from her husband, Robert Abela, which was deposited into her account. Unknown wealth would have flagged the bank, in this case, Bank of Valletta to file an STR with the FIAU, but this was never filed for Lydia and Robert Abela. So, the FIAU has never investigated these land purchases because it was never alerted of them by the bank in the first place.

Bank of Valletta also banked Christian Borg, the same drug dealer and money-launder who was in business with Robert Abela and sent money to both Robert and Lydia Abela’s bank accounts. Given that Bank of Valletta has moved to close Christian Borg’s bank accounts, his relationship with a PEP would have caused red flags for Robert and Lydia Abela’s accounts.

Bank of Valletta’s Chief Risk Officer was forced to resign over the bank’s loan to Steward and BOV’s AML and compliance sections are weak and politically motivated. The bank’s chairman himself was a prospective Labour Party election candidate. Ordinary clients will face stringent compliance measures at BOV, but Dear Leader is exempt from these strict standards. L’État, c’est moi.

Mark Camilleri

Website Editor
Historian and Publisher