Malta FIUA fines Southern Cross SICAV for money-laundering issues!
Allegedly, millions flowed through the Maltese investment fund Southern Cross SICAV plc without proper controls to prevent money-laundering and terrorism financing. The Maltese FIAU found that Southern Cross SIVAC had a “disregard” for its anti-money laundering obligations. The fund is in the process of surrendering its MFSA license. The FIU has imposed a fine on the company in the amount of €303,710 for the “serious” failures during its years in operation.