Greens MEP Sven Giegold has told HSBC Bank to close its business in Malta if the country does not do more "to confront the scourge of money-laundering". the UK based newspaper The Telegraph reports.
He said that if he does not see a change in attitude backed by proper action in Malta, he will launch a campaign calling on HSBC to leave the island.
Giegold was a member of the European Parliament's committee of enquiry into money laundering and tax evasion.
Malta has been under fire over its financial services industry, as well as the strength of its institutions ever since the Panama Papers were released, where Maltese Minister Konrad Mizzi and OPM Chief of Staff Keith Schembri were found to have companies in Panama. Questions regarding Malta's anti-money laundering enforcement, and the whole Pilatus Bank saga continued to raise serious eyebrows in Brussels, putting Malta in the spotlight and damaging the country's reputation.
A number of MEPs, including Giegold, have been critical of the police and enforcement authorities on the island.
Recently in a letter written to MEPs, the European Banking Authority Chairman Andrea Enria said, among other things: "The EBA's preliminary enquiries have raised significant concerns concerning the MFSA's authorisation and supervisory practices in relation to Pilatus Bank. However, in the light of the requirements set out in Union law for prudential supervisors which make it difficult to conclude that there have been breaches of clear and unconditional obligations established in Union law, and especially in light of the significant supervisory actions taken by the MFSA in relation to Pilatus Bank, I have decided to close the case without opening a breach of Union law investigation."
Giegold has been a target for the Labour Party because of his involvement in Maltese issues, but this time even Nationalist representatives did not like what he said.
PN MP Hermann Schiavone, in a Facebook post, told the German MEP: "Hands off my country, I will forever defend Malta, its people and its businesses. F... Off".
Other politicians have also joined the fray against Giegold, saying that Malta should do more to tackle money laundering issues but HSBC should stay.
from The Malta Independent https://ift.tt/2Qm7xrp
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