Michael Falzon yesterday admitted that he should have declared the funds. Photo: Jason Borg

Commissioner for Revenue Marvin Gaerty has confirmed that “all information” that has surfaced on the HSBC Swiss accounts of Maltese clients will be probed.

From the 71 Malta-based clients on the Swiss Leaks list – there are 24 holding a Maltese passport – the three named so far are former ministers Michael Falzon and Ninu Zammit and former Enemalta chairman Tancred Tabone.

“I can confirm that all the information which has come to light pertaining to Swiss accounts at HSBC Geneva will be investigated fully,” Mr Gaerty said when asked whether he would investigate Mr Falzon, Mr Zammit and Mr Tabone.

Mr Gaerty had the same reply when asked whether his office would be investigating HSBC Malta over its practices, which may have included advice to clients on how to dodge tax by transferring money to Swiss accounts.

HSBC is facing several probes internationally over its banking practices prior to 2008 when clients were advised by the Geneva branch on ways to dodge tax authorities.

“It is the Commissioner for Revenue’s responsibility to investigate any person or institution when a suspicion of tax evasion arises,” Mr Gaerty said.

I have failed my Prime Minister, my parliamentary colleagues and the electorate who had given me their trust by voting for me

Asked how many MPs benefitted from tax amnesty schemes since 1987, Mr Gaerty said all asset registration schemes to date were administered solely by the Central Bank of Malta and regulations always stipulated that information submitted under the schemes was subject to “full confidentiality”.

The first amnesty, officially referred to as an asset registration scheme, was in 2002, followed by others in 2003, 2005, 2007 and 2014.

Both Mr Falzon and Mr Zammit admitted benefitting from tax amnesties.

In a statement released yesterday, Mr Falzon “unconditionally apologised” for his failures after admitting last Saturday to holding €460,000 in an undeclared Swiss account. “I acknowledge that although my fiscal position has long ago been regularised, this is not sufficient for a politically active person,” Mr Falzon said.

Contrary to the statement issued on Saturday in which he merely stuck to facts, Mr Falzon yesterday admitted his wrongdoing.

“I recognise that I ought to have repatriated the funds on the first possible occasion after the 1987 election and that I ought to have included the said funds in my ministerial declaration of assets.

“As a result of these omissions, I have failed my Prime Minister, my parliamentary colleagues and the electorate who had given me their trust by voting for me.”

Mr Falzon had explained that the provenance of the funds came from architectural consultancy services he rendered abroad between 1975 and 1985.

When the company he formed part of folded, Mr Falzon said he decided to retain a personal account in Switzerland “considering the political situation prevailing at that time”.

At the time Mr Falzon was already a Nationalist Party MP and after 1987 was also a member of Cabinet. He only regularised his position in 2008 when he was no longer an MP.

Mr Zammit, who was an MP until 2013, has so far failed to say how much money he held abroad hidden away from the tax authorities. He has not apologised.

He only regularised his tax position last year, having held the funds in a Swiss account since the 1970s.

kurt.sansone@timesofmalta.com