Pilatus Bank said today it has started legal action in the United States for having its reputation threatened with false and defamatory allegations.  

"The bank will actively pursue all parties and individuals, directly and indirectly involved in making such harmful allegations being broadcast on national television, radio, and published in national newspapers as well as online news sites in all international competent courts for commercial and punitive damages due to irreparable harm to the bank and its stakeholders," the Ta' Xbiex-based bank said.

The bank is at the heart of a storm over claims of kickbacks from the sale of Maltese passports and the setting up of secret companies in Panama.

READ: Watch: Police raid Pilatus Bank offices in Ta' Xbiex

It said it has also filed a criminal complaint with the Malta police over the leak and publication of confidential documents and information from documents of the Financial Intelligence Analysis Unit (FIAU) about the bank. 

Bank will not allow its integrity and reputation to be used for political gain

"The bank takes matters of confidentiality extremely seriously and will pursue all individuals and parties who have disclosed information that the law considers as confidential, as well for misappropriating confidential information of the bank including trade secrets with swift international and local legal actions for all damages," it said.

It explained that the law prohibits the bank from discussing FIAU or any regulatory agency reports and their contents and thereby prevents it from being able to respond directly to statements published alongside the “leaked” alleged FIAU report. Those laws also require that such reports, their contents, and conclusive findings are treated with utmost confidentiality.

"Pilatus Bank operates at the highest international financial, regulatory, and compliance standards. The bank will not allow its integrity and reputation to be used for political gain," it said.