Czech National Bank revokes PDZ license over money laundering concerns

The Czech National Bank revoked the license of Podnikatelská družstevní záložna (PDZ) following findings of non-compliance with anti-money laundering regulations. While political figures previously characterized the institution as a vehicle for laundering money, a multi-year police investigation has yet to result in criminal charges.

Former PDZ member Pavel Wurst has raised concerns regarding the slow pace of the investigation, despite recent assurances from the Prague Municipal Public Prosecutor's Office that investigators possess sufficient evidence for a final decision. The National Center for Combating Organized Crime (NCOZ) is also reportedly involved, though they have not confirmed specific details of their inquiry. Kamil Bahbouh, a central figure in the institution, has denied any criminal activity, suggesting the controversy was an exaggerated bubble.