Beppe Fenech Adami was obliged to report large transactions to FIAU

Just before the last general election, Beppe Fenech Adami said that director of fiduciary companies are responsible for their clients’ action.

Thus, with his same yardstick, Beppe Fenech Adami is responsible for Robert Soogea’s actions. Hence as a fiduciary service provider, the directors are obliged to examine, with special attention, the background and purpose of any complex and/or large transactions which have no apparent economic or visible lawful purpose.

They have to keep record of all their findings in writing and notify the FIAU if they conclude if such transaction is suspicious.

So one would wonder whether:

The money Laundering Reporting Officer of the Company has been informed and if so, how was it managed internally?

FIAU has been notified?

This matter has been properly discussed at Board level?

There are situations which can impair our relationships with Authorities of other EU Member States as well as damaging our reputation as a Financial Services Country