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Opposition calls for independent investigation into FIAU shortcomings

FIAU should say what it intends to do, not dismiss the banking authority findings

An independent investigation should be carried out into what had led to the shortcomings at the FIAU identified by the European Banking Authority, the Nationalist Party said.

In a press conference on Thursday afternoon, Opposition spokesman for finance Mario de Marco said that the PN was not only calling for an investigation into the shortcomings and what had caused these to occur in the first place but also for the Prime Minister and Finance Minister to shoulder responsibility.

The EBA said on Wednesday that it found the FIAU had breached EU anti-money laundering laws in its supervision of Pilatus Bank.

Read: FIAU has breached anti-money laundering directive - EBA

“The Opposition has long been saying that the country’s institutions are not working as they should. They should be there to protect people’s interests and to ensure laws are followed. Now, it’s not just the European Parliament, the Opposition or the independent media saying all this but the EBA,” Dr de Marco said.

He added that the success of the financial sector could only be ensured if the island’s reputation were intact.

Also addressing the press conference, PN economy spokesperson Kirsty Debono described the FIAU’s reaction to the EBA findings as “pathetic and dangerous”, insisting that the unit should have immediately said how it would be dealing with the shortcomings.

“Instead of giving details of what is being done to address shortcomings, it dismissed it. Not only is this pathetic but also dangerous,” she said, giving a detailed breakdown of the EBA’s findings.

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