MEP David Casa condemned the "laughable attempt" to clear Pilatus Bank on the basis of the "part-published" Egrant inquiry.

Pilatus Bank’s claim that the magisterial inquiry cleared it of all wrongdoing is ridiculous and deplorable, the MEP charged in a statement on Saturday.

Read: We are victims of a racist witch-hunt - Pilatus Bank

“It is no surprise that Pilatus Bank decided it too should exploit the spin and disinformation campaign currently ongoing in an effort to clear Labour Party politicians of all wrongdoing on the basis of an inquiry that had little to do with them," he said.

MEP David Casa.

Pilatus Bank's presence in Malta constituted a threat to Malta's financial services industry and brought illicit funds to Malta and possibly the criminals that used them, Mr Casa charged.

Read: Withdraw Pilatus Bank’s licence, MFSA tells European Central Bank

Pouring cold water on Pilatus Bank's statement on Friday evening, Mr Casa said that since October 2017 he had written to the Malta Financial Services Authority, the European Central Bank, the European Banking Authority, the National Crime Agency, the Prudential Regulation Authority, international FIUs, the Egmont Group and MONEYVAL about matter unrelated to the contents of the magisterial inquiry.

Pilatus Bank is in serious trouble because its owner is a sloppy money launderer

"Pilatus Bank is in serious trouble because its owner is a sloppy money launderer, with an apparent history of money laundering. And because the bank, according to prosecutors in the United States, was set up with the proceeds of crime."

Mr Casa claimed Pilatus Bank continues to be the bank, that according to the FIAU, laundered money for the prime minister's chief of staff Keith Schembri and his associates and laundered money for the Azeri ruling family. 

"The brazen, unashamed manner in which Pilatus Bank is attempting to latch onto the results of the part-published inquiry is nothing short of an attempt to pervert and obstruct justice."