News that Malta’s anti-money laundering regime is set to be given the ‘all clear’ by Moneyval is welcome, PN leader Barnard Grech said on Sunday, adding that the government needs to work with the social partners to rehabilitate Malta's international reputation.

Times of Malta reported on Sunday that the Council of Europe’s anti-money laundering evaluation body had given positive feedback on a raft of reforms introduced by the government in recent months and was satisfied by steps taken to address previously highlighted shortcomings. 

During a discussion in Valletta's Republic Street on Sunday, Grech said that despite the good news, the social partners were still concerned about the damage that had been done and which had impacted businesses.  

“The faster we break free from this image, the better, but we cannot forget why we got to this point,” Grech said. 

“We got here not only because certain people acted wrongly, but because people in power defended them and the government’s parliamentary group repeatedly voted down motions calling for more accountability. So not only were mistakes made, but some people persisted in their error, which is frankly diabolical.” 

“Today it is easy for the prime minister to say, ‘I’m doing everything I can to fix the problem’, but the same people who persisted in making these mistakes can never be part of the solution to remedy them.” 

“To better our image you have to have a different team of people, and yes, a different party in government. But until the time comes the Opposition will still be here offering ideas and working tirelessly to rehabilitate this country’s image.” 

Grech insisted that for justice to be served wherever abuse was made, every person involved must be investigated and taken to court. Social partners, citizens and institutions should get together and rise to the occasion in restoring Malta’s reputation 

“The problems created by criminals dressed as politicians cannot be solved by politicians" he said.  

Grech was joined by MEA president Doris Sammut Bonnici, UHM CEO Josef Vella and the outgoing president of the Malta Chamber of Commerce David Xuereb in the discussion.

Discussing what the next stpes for businesses should be, Xuereb said it was time to accept that the pandemic was a long-term situatiob. 

“We have to accept that this is going to be a prolonged situation and we have years to go until the whole world is vaccinated and protected from this. Rather than waiting for the ‘after’ to begin we need to decide what we’re going to do now, while we’re still in the middle of it.” 

“People in a business are in a good position to advise what works and what doesn’t and this is what we have to base ourselves on if we want to get out of this quicksand we’re slipping in,” he added. 

Vella concurred with Xuereb’s argument and added that the government could improve communication with social partners to optimise positive work between entities. 

“Certainly we are always part of consultation with government, but sometimes I worry about the way consultation happens,” Vella said.   

“You can draft a post-pandemic plan when you know where the present is going to take you, but we don’t have a date where we can say okay, we go back to normal here, these are overlapping periods, and the issues we are facing have been on the agenda since 2008.” 

“Back then we had already raised the issue that our businesses were not evolving at pace to compete with rivals in terms of digitalisation and the green economy for example. These are things we have been facing for years, but COVID blew it up and threw it in our faces. We will continue to face these challenges, COVID or not. ” 

Sammut Bonnici said that as well as having to adapt “from one day to the next” due to the complexities of the pandemic, businesses were also facing the backlash of eroded trust due to the proliferation of financial crime. 

“Businesses have suffered from this reputational hit, there is hesitation in entering into joint venures,” she said. 

“At this stage I appeal, we should not just point fingers, although yes, wrongdoers must face the consequences, but we also have to think about how we’re going to make an effort to get out of this situation and show what we really are. Malta is not that small group of individuals, but savvy businesses with a lot to offer in talent and resources.”