'I will launch campaign for HSBC to quit Malta,' MEP threatens

Updated 9.25am with HSBC reaction HSBC must close its business in Malta if the Maltese government does not take more concrete action to tighten up money-laundering regulations, a German MEP is warning. German MEP Sven Giegold's threat to launch a potentially damaging publicity campaign against HSBC’s continued presence in Malta could raise fresh questions over the sincerity of the bank’s ongoing efforts to restore its reputation after a series of scandals and compliance failures, according to The Sunday Telegraph. Mr Giegold, a member of the European Parliament’s committee of enquiry into money laundering and tax evasion, spoke to the newspaper after a visit to Malta that he described as “disappointing”. The Greens MEP described a meeting with Malta's financial regulator, the MFSA, as "ridiculous".  “They were very much on the defensive and defended their approach, rather than announcing a stricter regulatory approach," he told the UK newspaper.  He was also sceptical about plans to bolster staff numbers at the economic crimes unit, saying the real test would be seeing whether more crimes were detected and prosecuted.  “Will they clean up the sector by themselves and root out...