Only two people turned up in Valletta on Sunday afternoon to ‘protest’ the freezing of funds at Satabank - and event organisers were not among them.

The protest is one in a series organised by bank and financial services users’ association ATUSBUF, called No money for food? Let's lunch at your office.

Satabank's activity was halted and all withdrawals blocked after authorities moved in following concerns about its anti-money laundering procedures.

Accounts at the small international bank were frozen by the MFSA in October, with EY (formerly Ernst and Young) appointed to administer the bank’s assets in “the best interests of depositors”.

This followed a joint inspection and audit by the MFSA and Financial Intelligence Analysis Unit that found shortcomings in the bank’s anti-money laundering procedures.

Protest organisers had told the police and media houses that one week's worth of protests would kick off on Sunday and continue on Monday at the Satabank office, Tuesday outside the offices of auditors EY, Wednesday at the Malta Financial Services Authority, Thursday at the Economy Ministry and end on Friday at Castille.

Susanne Persson says the saga could drive businesses to closure. Photo: Matthew MirabelliSusanne Persson says the saga could drive businesses to closure. Photo: Matthew Mirabelli
 

None of the protest organisers turned up in Valletta, but Susanne Persson, who works for a company impacted by the move said the delay in allowing customers access their own money could drive small businesses to closure as they had no funds to cover their bills.

Meanwhile, others who were eyeing the island were being discouraged to set up shop here.

If money is not disbursed soon, we will start seeing long-term impacts on non-Maltese people who will have to leave the island as they cannot settle their rent, companies moving elsewhere and Maltese landlords missing their monthly income.”

One client present for the ‘protest’ told Times of Malta that he was one of the "lucky ones" because although he has had some of his funds frozen, he had recently opened an account with a separate bank, and could divert his salary there.

Asked why so many non-Maltese had resorted to open an account with Satabank, Ahmed Bashir said that foreigners who came to Malta to work often found it difficult to open an account with a local bank.

It could take up to three months to get an Identity Card, without which a person would not be able to open an account with the local banks, he noted.

Clients had their mind at rest that the bank was based in an EU country, he added.

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