Former Labour Party leader Alfred Sant writes today that the dressing down of the Financial Intelligence Analysis Unit by the European Banking Authority is “serious” and should be given “total attention”.

Any deficiencies should be eliminated “without any hesitation”, he writes in today’s blog (click here).

The European Banking Authority (EBA) has found “general and systematic shortcomings” in the Financial Intelligence Analysis Unit’s (FIAU) application of anti-money laundering directives with regard to the infamous Pilatus Bank.