According to the Times of Malta, millions flowed through the MFSA-regulated Maltese investment fund Southern Cross SICAV plc without proper controls to prevent money-laundering and terrorism financing. The Financial Intelligence Analysis Unit (FIAU) found that Southern Cross SIVAC had a “disregard” for its anti-money laundering obligations. The fund is in the process of surrendering its MFSA license. The FIU has imposed a fine on the company in the amount of €303,710 for the “serious” failures during its years in operation.