Alternative solutions to challenges financial practitioners face to open bank accounts for new clients are being sought, parliamentary secretary for financial services Clayton Bartolo assured industry players on Friday.
Speaking during a conference organised by the Institute of Financial Services Practitioners (IFSP), Mr Bartolo said the government’s key priority was implementing the recommendations by Moneyval.
The international anti-money laundering body raised serious concerns about Malta’s anti-money laundering regime in a 2019 assessment, in particular when it came to enforcement of existing laws.
“Everyone needs to work together to regain Malta's reputation and communicate what is being done”, Mr Bartolo said.
The parliamentary secretary revealed he did not request or expect to be given the financial services portfolio by Prime Minister Robert Abela.
He said it would have been easy to reject Dr Abela’s offer, but he instead chose to take on the challenging portfolio.
Mr Bartolo, an accountant and auditor by profession, said a number of decisions had already been taken, and it was now time to give a clear signal of where Malta was heading.
'Stop badmouthing Malta with outsiders' - Edward Scicluna
On his part, Finance Minister Edward Scicluna said that everyone, from politicians to industry players, had to work to ensure more stability in the sector.
Prof. Scicluna said it was also time to stop badmouthing Malta with outsiders.
He recalled how traditionally the government and Opposition had always maintained a common front when it came to the financial services industry.
Shadow finance minister Mario de Marco said the challenges facing the sector should rise above party politics.
He said all stakeholders should work together, and the starting point for the government should be getting it right when it comes to the rule of law.
Dr de Marco said Malta had to aim for the highest standards and values, starting from political and business leaders, right down to the smallest industry practitioner.
He urged the government to show Moneyval that Malta was committed to fighting money-laundering and terrorist financing.
In his opening speech, IFSP president Wayne Pisani called for legislative tools that would allow for information sharing between practitioners.
He said such information sharing would help eliminate practitioner shopping by prospective clients.
Mr Pisani also called on the authorities to keep the industry better informed about the outcome of suspicious transaction reports filed by practitioners.