MEP calls on HSBC to “quit Malta”

German MEP Sven Giegold said that HSBC must close its business in Malta if the Maltese government did not take more concrete action to tighten up regulations against money landering.

Giegold was giving his comments to the British newspaper The Sunday Telegraph during which he described his visit to Malta as “disappointing”.

He threatened to launch a campaign against the Bank’s continued presence in Malta if the government failed to take action. Such a campaign against HSBC would raise questions on the Bank’s intention to improve its reputation following a series of compliance failures. In his comments, Giegold said that if he fails to see a change in attitude and demonstrated action, he would step up his effort to launch such a campaign.