The financial services watchdog needs to learn from the “Pilatus Bank experience”, according to its new chief executive, who says he is focused on repairing damaged reputations.
In his first comments since taking over the helm of the Malta Financial Services Authority earlier this month, Joseph Cuschieri said that he would not shy away from “the situation”.
The local financial services industry has been thrust upon the international stage after the Ta’ Xbiex bank Pilatus was embroiled in a series of scandals. Concerns have been expressed over lax enforcement and supervision, particularly when it comes to anti-money laundering and banking.
The bank was linked to the international Panama Papers affair, was named in claims by the late journalist Daphne Caruana Galizia that the Prime Minister’s wife received hefty kickbacks, and was recently exposed as having been used by Azerbaijan’s ruling elite to move millions of euros in Europe.
The bank’s Iranian owner has been arrested