The Malta Chamber of Commerce, Enterprise and Industry warned that the authorities must act “with force and determination to get to the core of the matter and leave no stone unturned in clearing Malta’s name”, following a negative Moneyval rating of the island’s anti money laundering measures.

“It is acknowledged that perceptions have a heavy bearing on the foreign direct investment flows. Consequently, it is undoubtedly to the benefit of our economy’s future prospects and ambitions for the issues that emerge from this report to be tackled in a decisive and timely manner,” the chamber warned in a strong statement.

It acknowledged that the information available was not official, and since it had no access to the report in question, a detailed analysis could not be made at this time. 

However, while noting that money laundering was a global phenomenon which ought to be tackled in a coordinated and concerted manner, at a domestic level, the island had to be seen by all as “forcefully attending to the present challenges currently facing Malta’s upstanding and reputable operators of the sector”. 

“We simply cannot afford any sort of damage to this important [financial services] sector, which could compromise its potential for future growth,” it said, adding that it commended the efforts being made by the authorities and stakeholders to address the situation within the referenced time-window.