Nationalist MEP David Casa said it is disappointed that the intelligence report on Pilatus Bank is not being made public.

Prior to Pilatus Bank being granted a licence to set-up shop in Malta, the MFSA claims they contracted a foreign firm to provide an ‘intelligence report’. The MFSA claims that this report played a role in the decision to grant Pilatus Bank a licence, Casa said.

During a meeting in the TAX3 committee in the European Parliament last month, the MFSA was asked for the identity of the firm that prepared the ‘intelligence report’. 

PN Head of Delegation David Casa stated: “Despite reassurances during the hearing that efforts would be made to overcome ‘confidentiality issues’ in order to publish the name of the firm, the MFSA has now replied, stating that it will not do so. 

“This is extremely disappointing – particularly now that that the US authorities claim to be in possession of evidence that Pilatus Bank was set-up with the proceeds of crime. 

“To safeguard its reputation and that of Maltese financial sector, the MFSA must find a way to reassure the public that this intelligence report does in fact exist and that the compilation of the report as well as the decisions made based on the report were not reckless and that they did not amount to gross negligence or complicity in serious crime.

“Not doing so will only further damage the MFSA’s credibility,” he said.