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A Russian national, Semen Kuksov, who has been dubbed the “banker for criminals,” is set to be stripped of his Maltese passport. Kuksov, who was jailed in the UK in February, had been found guilty of laundering over €14 million in cash, along with an associate. The case against Kuksov highlighted his role in facilitating the laundering of large sums of money, often on behalf of organized crime groups.
Kuksov’s ability to obtain a Maltese passport has raised serious questions about the country’s “golden passport” scheme, which allows wealthy individuals to purchase citizenship in exchange for a significant investment. The scheme has been criticized for its lack of transparency and its potential to attract individuals with questionable backgrounds. Kuksov’s case is a prime example of the risks associated with such schemes, as it appears that he was able to obtain a Maltese passport despite his involvement in illicit activities.
The decision to strip Kuksov of his Maltese passport is a welcome move, as it sends a strong message that Malta will not tolerate individuals who engage in illicit activities. However, the case also highlights the need for greater scrutiny and transparency in the country’s citizenship-by-investment scheme. This includes more rigorous background checks and a more transparent process for evaluating applicants.
The Kuksov case also underscores the importance of international cooperation in combating financial crime. The fact that Kuksov was able to launder large sums of money across borders highlights the need for countries to work together to share intelligence and best practices in combating financial crime. By stripping Kuksov of his Maltese passport, Malta is taking an important step in demonstrating its commitment to fighting financial crime and protecting the integrity of its financial system.
