People working in financial services are practically being seen as criminals thanks to Malta’s FATF greylisting, PN candidate Graham Bencini said on Friday.

Addressing a press conference outside the Malta Business Registry, Bencini lamented how the greylisting had placed huge pressure on the financial sector.

He said the “exaggerated” due diligence processes that have to be carried out, as a result, were increasing costs for businesses.

Bencini said foreign companies that did not have a fixed base in Malta were struggling to open bank accounts.

He said by electing a PN government, Malta would send a clear message to the international community that the country is willing to change.

“Under Nationalist governments, Malta always had a good name. This would be a good first step towards getting us off the grey list,” Bencini said.

He said a PN government would also seek to ease the cost of doing business when it came to due diligence processes, as well as ensure corporate records on company ownership are constantly updated.

PN spokesperson Peter Agius said the greylisting had translated into far more scrutiny on each and every transaction carried out by businesses.

He accused the government of dumping the greylisting costs on companies, without offering any assistance.

Agius said Malta’s economic growth could be much higher without the corruption seen under Labour.