This is what de-risking means

Bank of Valletta has been under fire for money laundering and managing very risky clients from dirty oil traders, to corrupt government officials and eventually lost its US Dollar corresponding bank. In order to clean up its name, BOV went into an alleged de-risking exercising and ordinary clients know very well what this means with new excessive checks and restrictions on what they do with their own money.

Meanwhile, Joseph Muscat, the man considered to be the most corrupt politician in the world in 2019 has been allowed unfettered access to BOV’s services even to indulge in what seems to be still, corrupt activity.

One wonders what kind of de-risking exercise BOV is going through if Joseph Muscat can still use its services despite the cloud of corruption he lives in. Joseph Muscat would ring alarm bells for any risk manager, yet he is allowed to do whatever he wants. Welcome to the Rent Seekers paradise.

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