PN MEP David Casa has called on MFSA Chairman Joe Bannister "not to persist in the dereliction of his duty and revoke Pilatus Bank's license to operate in Malta." 

In the event that Professor Bannister fails to act,  Casa said he will be left with no alternative but to report the matter to the European Central Bank and European Banking Authority.  The text of the letter he penned is as follows:

 "As chairman of the MFSA you have been made aware of the results of investigations carried out by the FIAU. I refer in particular to those investigations that took place under former director Manfred Galdes and before the political capture and emasculation of this institution. You should therefore know as well as I do that Pilatus Bank was named in at least three FIAU investigations in connection with the laundering of illicit funds for Azerbaijani and Maltese PEPs. On many counts the evidence is conclusive and overwhelming." 

"That Pilatus Bank, which also features extensively in the recent European Parliament resolution on the rule of law in Malta, still has a banking license is a consequence of a complete dereliction of duty on your part."

"The MFSA provided Pilatus Bank with a banking license in January 2014 under circumstances that were, according to publicly documented facts, inconsistent with FATF recommendation 26." 

"That the bank has been allowed to continue to operate from Malta following revelations connected to the Panama Papers is outrageous. The bank's continued presence in Malta constitutes a threat to the financial sector as a whole, a fact that the Malta Employer's Association made amply clear in its statement of 23 April 2017."

"I can understand the political pressure that must be involved - especially considering that, as documented in two FIAU reports, this is the bank of choice for Keith Schembri and his associates to launder streams of illicit revenue. Nevertheless, I must strongly urge you to do your job anyway."

"Commence the procedure to have Pilatus Bank's license reviewed and revoked. Should you persist in the dereliction of your duties I will have no alternative but to formally report the matter to the European Central Bank and the European Banking Authority." 

Casa concluded his letter by stressing that he hopes to hear back from the chairman by the end of the week.