Monday, May 2, 2022


Abela says Everything is Fine; Keep Smiling by COSIMO

 When bank compliance officers get together at conferences, even virtually, someone is bound to ask whether any of the directors of Malta's Pilatus Bank have yet been charged with money laundering. The bankers then share a laugh amongst themselves, and quietly vow to regard every Maltese financial transaction as extremely high risk, with Russians, Iranians, North Koreans, Syrians and organized criminals hiding under the woodpile somewhere in the transaction.

Inaction in the Pilatus Bank case has reinforced every suspicion bankers in the EU ever had about how dirty Malta's financial structure really is, and of course, probably acts as guarantee that the Financial Action Task Force (FATF) will not let the country off the Greylist anytime soon. Malta's Prime Minister Robert Abela can make promises until 2023, each time the subject comes up but there's no light at the end of the Greylist tunnel, I assure you.

Remember, if the directors of Pilatus are charged, they will most likely implicate both Joseph Muscat and Keith Schembri, which will be dangerous to their health and ability to live a long life. Therefore, they will remain out of Malta, and remain free men, indefinitely. That is what passes for justice in a nation that has become the laughingstock of Europe.   

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