Issue link: https://maltatoday.uberflip.com/i/922844
maltatoday SUNDAY 7 JANUARY 2018 News 5 PAUL COCKS THE European Central Bank is assessing information and leaked documents on alleged money laun- dering by Pilatus Bank, according to a Nationalist MEP. MEP David Casa said that Dan- iele Nouy, chair of the ECB Su- pervisory Board, had informed him that the reports he gave her – leaked documents compiled by the Financial Investigation and Analy- sis Unit about the bank – had been distributed among its members for assessment. "I expect the ECB to protect the integrity of the European Banking System and to take action to pre- vent dirty Azeri money from ac- cessing the EU's financial system," he said. Casa filed his complaint on 25 November last year, calling for the withdrawal of Pilatus Bank's li- cence and for the bank to be taken under control by the ECB. He had earlier called on the Mal- tese financial regulator to revoke the bank's licence, in a letter to chairman Joseph V. Bannister. The private bank was impli- cated in the Egrant investigation, when a magisterial inquiry was kick-started on a complaint by the Prime Minister, into allegations by Daphne Caruana Galizia that the bank had processed a $1 million transaction to his wife. "The fact that the evidence di- rectly links the Office of the Prime Minister of Malta to Pilatus Bank suggests that this money launder- ing outfit will continue to operate within the European Union with impunity unless the ECB uses the legal powers it has at its disposal to intervene," Casa had told Nouy in his letter. The ECB has vast powers in terms of licensing of EU banks and since Pilatus Bank is a 'less signifi- cant institution', the ECB super- vises it indirectly. "My argument is that the situa- tion is serious enough to warrant the ECB to intervene," Casa said when contacted. "It is true that this would be unprecedented in view of the fact that it is the MFSA that is primarily responsible for supervis- ing Pilatus Bank." He argued that even if the ECB did not feel the situation warranted di- rect intervention, it should – at the very least – investigate the "serious shortcomings" of the MFSA and force the Maltese regulator to act. "Every time Keith Schembri needed money laundered (that we know of) it is Pilatus Bank that was used," he said. "It's not a co- incidence. This is their business model. It is outrageous. And it is unacceptable." Pilatus bank is chaired by Irani- an-born Seyed Ali Sadr Hashem- inejad, who holds a St Kitts & Ne- vis passport which was even put into question by Casa in his letter to the ECB's supervisory board. The bank has denied hosting any accounts for the Muscat family, and provided the inquiring magistrate with its core banking platform and IT system for the investigation. Ca- sa reiterated his vow to take up the matter with the European Banking Authority if the bank's licence is not revoked. "In the event that the MFSA per- sists in its dereliction of duty I will have to bring the matter to the at- tention of the European Banking Authority," he said. "As for Pilatus Bank, I will continue to use every platform the European Parliament provides until justice is done." pcocks@mediatoday.com.mt *Oer only valid for new to bank customers who open an Advance account between 1 January 2018 and 28 February 2018. Cashback of €50 credited to your account upon receipt of salary and activation of your credit card within 3 months of account opening. HSBC Advance is subject to eligibility criteria. You can enjoy all the benefits of HSBC Advance, free of charge, by crediting a minimum net annual income of €25,000 to your account if applying as a sole customer or, a joint net annual income of €35,000 if applying jointly, not including money transferred from any other sole or joint personal account(s) you may hold with HSBC Bank Malta p.l.c. Approved and issued by HSBC Bank Malta p.l.c. Registered o‹ce: 116, Archbishop Street, Valletta VLT1444. 99816-01/2018 Together we thrive CLICK hsbc.com.mt/start CALL 2380 2380 VISIT your local branch SMS send text message "ADVANCE" to 7900 2380 (Normal SMS taris apply) HSBCMalta HSBC_MT TAKE-OFF WITH AN ADVANCE ACCOUNT THAT GIVES YOU CASHBACK • Free Visa Platinum credit card • Free travel insurance • Preferential rates and fees €50 Cashback* ECB currently assessing leaked FIAU reports on Pilatus Bank Nationalist MEP David Casa with the President of the European Parliament Antonio Tajani Above: Daniele Nouy, chair of the ECB Supervisory Board