Malta is undergoing constant reform, forever improving. The past eight years have seen radical change. The energy sector is now more secure and cleaner and is delivering cheaper electricity. Health services have been improved, with their resilience demonstrated during the pandemic and in the vaccination programme. Transport reform has brought better roads, more flyovers and much improved bus services. And that’s just to name three sectors.
At the same time, Malta has reinvigorated the infrastructure underpinning governance. Legal reforms have strengthened the way the country operates, with fewer powers in the hands of the prime minister and a spreading of responsibilities among institutions to ensure checks and balance.
And many measures have been enacted to strengthen the fight against money laundering and other criminal activity. Rules have been tightened and resources to tackle financial crime greatly increased.
The Venice Commission gave the thumbs up to our legal reforms. And Moneyval, the expert group of the Council of Europe, gave the thumbs up to our money laundering reforms.
That’s why the decision of the international Financial Action Task Force (FATF) to greylist Malta is bewildering.
Malta is still regarded as one of the best places to invest and I don’t see that changing radically
We have never turned a blind eye to criticism. We have always taken it on board and allowed suggestions for how to do things better to play into our reform programme. For example, in my area, we changed our citizenship programme to make it dependent on a period of residency before applications can be made and ensured the tightest due diligence.
It is a mystery why Moneyval recognised our commitment to high standards, and the improvements that had been made, while the FATF did not. But we will continue to engage with all international bodies and maintain our reform process.
Despite our dismay, we will never be uncooperative or obstructive. We want to act to the highest standards so we shall stay on the same road we have been on. Reforms will continue.
This isn’t just about looking good in the eyes of the rest of the world. It makes sense for Malta to protect itself from wrongdoing.
We all have a personal wish to protect ourselves from cyberattack, theft, fraud or whatever. There is no advantage to the country of letting criminal activity go undetected and unpunished. We all pay a price when that happens.
We have a long history of attracting international investment and those who operate in Malta understand we are a serious jurisdiction. They will not be leaving Malta. Potential new investors normally do their fact-finding on the ground. Their decisions are based on experience, reputation and quality of life. Malta is still regarded as one of the best places to invest and I don’t see that changing radically.
Our national pride has taken a hit, but we shouldn’t be down hearted. There are always setbacks along the road. What we must not do is divert or stop. We should carry on along the road of reform and continue to be willing to dialogue in a rational and fair manner. Malta has come so far. I have no doubt it will excel further.
Alex Muscat, MP, Parliamentary Secretary for Citizenship and Communities