An American and a Panamanian were this afternoon charged with money laundering.
American John Joseph Evans, 31, pleaded guilty but Vladimir Omar Fernandez Delgado, 30, pleaded not guilty.
They were charged with transferring and holding property they knew had been acquired as a result of criminal activity.
Mr Evans was also accused of associating with others to traffic cocaine and of procuring or offering to procure the drug, which he had in his possession.
Both men were remanded in custody.
The two men arrived in Malta from Madrid on Thursday afternoon. They were held by the police following a find of half a kilo of cocaine that evening.
The find was made following intensive investigations by the police and the Customs Department in the past months.
The police said on Friday they had been following the steps of people who formed part of this criminal circle and found the drugs hidden in an apartment in St Julian’s.