The Malta Bankers’ Association has announced it has terminated the membership of Pilatus Bank, after its chairman Ali Sadr Hashemenijad was arrested in the United States on charges of money laundering and evading US sanctions on Iran.

“The Malta Bankers’ Association is concerned at the latest developments and, after considering its position, can announce that Pilatus Bank’s membership of the association should be immediately terminated,” the MBA said in a statement. 

Ali Sadr was arrested in Virginia two weeks ago on charges that he illegally funnelled over $115 million from Venezuela to Iranian-controlled companies via US and Swiss banks as part of a housing project in the South American country. According to the indictment by the US Department of Justice, Sadr made use of a St Kitts and Nevis passport and set up a network of companies in Switzerland, Turkey and the British Virgin Islands to hide the involvement of Iran in the transactions and therefore evade US sanctions on his home country.

He has pleaded not guilty to the charges, but his request for bail was rejected by a Manhattan judge last week out of concern he could flee the United States. 

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]