Current Affairs
UPDATED: Entities react to the FATF decision on Malta

Following the decision taken by FATF (Financial Action Task Force) to place Malta on its Grey List, there have been reactions by various entities.

ADPD appeals for revocation of Citizenship Scheme

ADPD Chairperson, Carmel Cacopardo, said the ADPD has been saddened by this decision, although it had been expected. It said that actions taken against money-laundering had been delayed and meanwhile considerable damage had been done. He said that those on lower incomes will be affected by the decision.

He added that over the years, the Government, with the help of the Opposition, had developed a national consensus on the financial sector, including that of the country being an attraction for those seeking tax evasion. Cacopardo said it is essential that immediate action be taken to rebuild Malta’s reputation by immediately revoking the Citizenship Scheme and by plugging the loopholes that permit tax evasion.

The MEA says persons should be held responsible

The Malta Employers’ Association (MEA) said the FATF decision to place Malta on its Grey List is a devastating blow to the economy and will stretch the country’s resilience to the limits.

The Association said this crisis has come about as a result of the corrupt practices of a minority of politicians and businessmen, aligned to a non-efficient Government system.

It added a first step must be taken to restore the country’s reputation by facing the situation as it is while holding those persons responsible, irrelevant of whom they are.