The government has not yet reacted to a European Banking Agency report that Malta’s FIAU broke EU law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
There’s obviously an FIAU Press Release, a pathetic excuse at a response expressing ‘disappointment’ in the EBA’s decision as if anyone was interested in their expectations. But they do promise a more substantial response down the line so I suppose we have to wait for that.
But the FIAU is not the government. The FIAU is an autonomous agency, a regulatory body, that must of course answer for its own actions but does not own Malta’s financial services policy and is not responsible for promoting that business here.
The government’s two year campaign of outright lies about what they have perpetrated on this important industry have led us to this place. The European regulator has ruled that our own institutions have allowed our financial system to be used for money laundering.
It is important to understand what this means and why this has happened.
Joseph Muscat led a criminal conspiracy for personal profit.
Pilatus Bank, set up to serve the criminal intent of its owner and its clients, required Joseph Muscat’s acquiescence for its criminal activities to persist with impunity. Joseph Muscat ensured the institutions with the legal responsibilities to stop Pilatus Bank were controlled by people in his service to ensure they do not do their job. This made Pilatus Bank the right cover for his own illegal transactions harbouring the payment of bribes to him and his closest associates.
Peter Grech, Silvio Valletta, Ian Abdilla and others perverted their duties and responsibilities at law in order to allow Pilatus Bank to break the law and to allow Joseph Muscat and his closest associates to launder their own illegally obtained money through the bank.
Manfred Galdes was forced to resign from Managing Director of the FIAU when he picked up on what was going on at Pilatus Bank.
Michael Cassar resigned from Police Commissioner the day he received Manfred Galdes’s report on what was going on at Pilatus Bank.
Maria Efimova was hounded out of the country and an international arrest warrant was issued on her head for speaking of what she knew was happening at Pilatus Bank.
Jonathan Ferris was fired from his job at the FIAU and refused reinstatement to his substantive position at the Police corps.
Daphne Caruana Galizia investigated what no other journalist would have looked at: a boutique bank snug between embassies in Ta’ Xbiex owned by an Iranian and with a client base virtually unknown to Malta.
She is sued in Arizona for more money than she could ever earn in two lifetimes with the blessing of Joseph Muscat. Eventually she is killed.
Her story is taken up by David Casa who whips up MEPs to look into her findings. They escalate the issues to the European Banking Agency who finds that FIAU allowed Malta’s financial system to be used in the service of crime. They are still looking into the MFSA.
Manfred Galdes, Michael Cassar, Maria Efimova, Jonathan Ferris, Daphne Caruana Galizia: they’re gone, one way or another.
Joseph Muscat, Keith Schembri, Peter Grech, Silvio Valletta, Ian Abdilla: they’re still there. And as the EBA condemned them for breaking the law, they remain silent, even now.
