Alleged “professional money launderer” Matthew Pace and his associate Lorraine Falzon have been granted bail on Friday.  

The two, along with their advisory firm Zennith Financial, previously known as MFSP, were charged with money laundering and a slew of other financial crimes on Saturday.  

Their case is linked to alleged graft involving former OPM chief of staff Keith Schembri and former managing directors of Allied Newspapers Adrian Hillman and Vincent Buhagair.  

You can follow a live blow-by-blow of Friday's proceedings here

Handing down a decree on Friday, Magistrate Donatella Frendo Dimech noted that Pace had cooperated with the police, has a clean criminal record (save for a 1998 traffic violation), is not at risk of absconding and that the evidence against him is preserved.

Pace, who has been held in custody since Saturday, was granted bail against a €40,000 deposit and €60,000 personal guarantee.

He will have to deposit his ID card, driving licence and passport with the courts, sign a bail book at the Qawra police station once a day and be at home between 8pm and 7am. 

Pace was also forbidden from being within 100m of the airport or 10m from the coast.  

The magistrate then switched focus to Pace’s co-accused, Lorraine Falzon. 

Falzon also has a clean criminal record, cooperated with the police and there is no fear of her absconding either. 

She, like Pace, was granted bail against a €25,000 deposit and €50,000 personal guarantee. 

She must abide by the same conditions imposed on Pace, including signing a bail book once a day, not leaving her house at night and staying away from the airport and coast.

Applications for bail are also expected to be decided for the directors of controversial financial advisory Nexia BT as well as Keith Schembri, his father and business associates.  

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