Minister for Finance Prof Edward Scicluna this evening told Parliament that a decision must be taken by the government over the Panama Papers and its revelations.

The Minister was speaking as Parliament is discussing the second reading of the Bill on the amendment to the Financial Services Act.

He said that he will "neither defend nor accuse" anyone involved in the Panamagate scandal but insisted that a decision must be made to clear things out.

He said that the Financial Intelligence Analysis Unit and the Commissioner for Inland Revenue were investigating the issue. He said this is a political and difficult issue.

"A decision must be taken by the respective party leaders, both when it comes to speak about the PN Loan Scheme and also about the Panama leaks."

However, he said that these two issues should not be used to level things out. 

The Minister explained that a party leader must look into the political implications raised by this issue and make a difficult decision. 

On the PN's Loan Scheme, he said that the Opposition needs to make a plan so that this initiative is in sync with EU legislation. 

He said that his Ministry is trying to make it very clear, on international level, that Malta is not a tax haven and that it is strong financial centre. 

Meanwhile, the Leader of the Opposition, Dr Simon Busuttil, in a tweet said he welcomed what he described a 'clear warning on Panama Leaks'. Dr Busuttil said he hopes the Prime Minister 'takes the cue'.