Partit Demokratiku said that yesterday’s ministerial statement in Parliament was a charade to keep the gullible happy. It was orchestrated in a hide and seek attitude where by the Minister did not even acknowledge the alleged international bank fraud and money laundering, PD said in a statement.

The decision taken by the MFSA to freeze assets of Pilatus Bank is an inadequate half baked measure. If the MFSA was s serious and truly autonomous entity, then it should have suspended the bank license immediately, served suspension in person, with the presence of police in their offices and stayed on site to ensure that nothing happens/continues (physically  or electronically) that will obscure accountability.

In a country where the PM has faculty to nominate basically every person in every public and institutional office, it is more than obvious that we have found ourselves in a situation of omertà, convenience and clientelism.

PD noted that the ultimate beneficial owner and chairperson of Pilatus Bank are the same person - Ali Sadr Hashem.

PD demands that the long overdue whistleblower status should be given to Jonathan Ferris and Maria Efimova. The pursuit of the truth demands it. 

It is evident that government does not truly have Malta’s Banking sector at heart. Inadequate action now, as was the case last year,  to curb the perception that Malta's financial industry is poorly scrutinised, badly handled and monitored, with even less enforcement risks Malta losing its status of a jurisdiction of repute. The consequences if this could be devastating to our economy. We will all suffer, PD said.