Money-laundering facts + documents: Konrad Mizzi tells Panama bank he will deposit $20,000 a month

Published: May 8, 2017 at 7:19pm

Konrad Mizzi -despite all his protestations to the contrary – tried to open an account at a bank in Panama, the FBP Bank. These documents from the Panama Papers tranche are proof of that.

On 21 August 2015, a Mossack Fonseca employee sent Konrad Mizzi’s CV, passport, electricity bill and a letter of reference to that bank.

The reference letter is signed by the Bank of Valletta’s Chief Officer of Corporate Finance, Albert Frendo, who is friendly with Konrad Mizzi and Brian Tonna. It makes no mention of the fact that Konrad Mizzi is not just a PEP, but is the most important minister in Malta’s cabinet of government, after the Prime Minister.

Frendo’s letter says: “I consider him to be a suitable person to satisfactorily open a bank account.”

The letter was attached to an email, which is how it came to be in the Panama Papers. That email says:

Good day Ms Varela,

We have a company in Panama called Hearville Inc (sic), for which we must open a bank account. We’ve attached the KYC form for each company. Additionally, we’ve attached the following documents:

bank reference letter
complete passport
letter of professional reference
utility bill
declaration of source of funds

We await your comments with respect to the opening of this bank account.

Juan Carlos Martinez
Executive Assistant
Mossack Fonsenca & Co. (Panama)

In the KYC (know your client form) which FBP Bank in Panama sent Konrad Mizzi to fill in, Mizzi puts his CURRENT income at $5,000 a month and his wife’s CURRENT income at $12,000 a month. The key word is current as there is no obligation to make predictions on income after the bank account is opened.

On the same form, Konrad Mizzi says that he will open the account with a deposit of $25,000 and that he will deposit $20,000 EVERY MONTH.