PN asks who will carry responsibility for the Moneyval Report – the Government replies
The Opposition’s Spokesperson for Finance, Mario de Marco, has asked who will carry the political responsibility for the conclusions in the Moneyval Report.
During a media conference, Dr de Marco quoted some of the report’s conclusions, including that the investigation and prosecution of criminal acts of money-laundering are not given priority by the Maltese authorities.
The PN’s Spokesperson said this did not result from a surprise visit by Moneyval experts because the Government had long-known the experts were to visit Malta to inspect the resources in use to combat money-laundering. He said that over and above this, the Government has known about the first suggested amendment since March of this year.
Dr de Marco said the report will have consequences on Malta’s reputation as a serious financial centre. He said the Government should in the most transparent manner indicate how the shortcomings detailed in the report are to be rectified.
The Opposition’s Spokesperson for the Economy, Financial Services and Innovation, Kristy Debono, said Moneyval’s Report makes it clear that Malta’s problem does not consist of a lack of legal provisions or a lack of authorities but a lack of enthusiasm for these authorities to function as they should do.
She said that as a result of these shortcomings, Malta has been provisionally black-listed and has been given 12 months to address all shortcomings failing which it will be officially black-listed.
With reference to this media conference, the Government said it noted the Opposition had not even bothered to read its communiqué’ that it is already acting on the recommendations made by Moneyval.
In a statement the Government said that of the 58 measures proposed, 35% have already been implemented and were also part of the Government’s Strategic Plan for 2017. It said the remainder will have been implemented by the end of next year.
The Government said the Opposition’s problem is that it has no credibility to make any pronunciations on this sector or any other sector.
FIAU says 90% of Moneyval recommendations already implemented