Malta reacts to Pilatus Bank charges

Pilatus Banks’ fall from grace reached crisis point this week as the elusive bank was formally charged with money laundering activity and slapped with a €5 million fine by Malta’s financial watchdog.

Having often been at the centre of local corruption scandals, as well as becoming the subject of at least two magisterial inquiries,  the new charges are being widely welcomed by politicians and civil society. Here’s what they had to say about the week’s events.

David Casa – Nationalist MP

Back in 2018, Casa had written to over 50 Financial Intelligence Units requesting an investigation into Pilatus Bank and surrounding aspects. The bank accused Casa of taking part in an elaborate frame-up, and challenged him to renounce his parliamentary immunity so that he can face proceedings in court.

“When I started talking and explaining how Pilatus Bank is a criminal organization, I started being systematically attacked. As soon as the bank's license was under the axe, I was threatened by the bank itself, so much so that they threatened to sue me for millions of euro,” he wrote on Facebook.

Casa said that he was ignored by the MFSA and Finance Minister at the time Edward Scicluna, and that when he reported to the European Central Bank the Maltese authorities did everything to protect the bank.

“What’s happening now is too late. Too much damage has been done to the finance sector in Malta, and to those thousands of people that work in this sector. This is what happens when the institutions protect criminals, instead of people.”

He added that what happened with Pilatus Bank should not happen again, and this ought to be a clear example of what authorities shouldn’t do in similar situations in the future.

Carmel Cacopardo – ADPD Chairperson

On the money laundering proceedings, Cacopardo questioned why it took so long for criminal proceedings to commence, and whether those who “put spokes in the wheels of the investigations” will be prosecuted.

“The competent Maltese authorities have a lot to answer for,” he stated.

Repubblika

Repubblika welcomed news of the prosecution against persons associated with Pilatus Bank.

It said that ever since its establishment, it insisted that prosecution is the only way to go, for justice to prevail and for the country to free itself from the mafia’s tentacles.

“We reiterate our support for all the state’s representatives - the police, prosecutors and judges, that have and will keep on working for true justice. We expect to see without further delay, the prosecution of those people who have and are still benefitting from impunity for crimes that have tarnished Malta’s name around the globe”

It remarked that it was journalist Daphne Caruana Galizia that had initially reported the bank’s shady activities.

“Today's events are further proof that Daphne Caruana Galizia is a Maltese hero.”

In his personal capacity, Repubblika President Robert Aquilina said that Caruana Galizia would not have been killed had the police, FIAU and MFSA did their job earlier with regards to Pilatus Bank.

“Who will take responsibility for these shortcomings? When will the institutions start doing their work in a timely and voluntary manner, and not too late or because we are putting pressure on them?” he questioned.