The Malta Independent 17 July 2018, Tuesday

PD presents proposals to stop Malta from becoming a domicile for organised crime

Monday, 18 June 2018, 10:24 Last update: about 28 days ago

Malta’s reputation as a centre of repute for financial services and internet gaming is at stake, with possibly huge risks to our economy, the Partit Demokratiku said in a statement.

Partit Demokratiku noted the concerns of Justice Commissioner, Ms. Vera Jourova, regarding our implementation of the EU’s latest anti-money laundering laws.

We also note that the European Commission Vice-President Frans Timmerman wants the Maltese Financial Services Authority (MFSA) investigated for potential conflicts of interest given its lack of action regarding private banking institutions.

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The setting up of the Anti-Money Laundering and the Combating of Financing of Terrorism (AML/CFT) Unit and the appointment as its head Dr Helga Buttigieg Debono is a positive measure, however, PD believes the following actions must be implemented:

1. The immediate removal of restrictions in information regarding the IIP scheme and the people granted citizenship thanks to it;

2. The follow up by the police on reports and recommendations by the FIAU in several instances over the past few years;

3. The immediate granting of whistle-blower status to former FIAU official Jonathan Ferris;

4. The reading and implementation of the Private Member’s Bill presented by PD MPs Godfrey Farrugia and Marlene Farrugia regarding the setting up of a Permanent Parliamentary Commission to monitor the regulatory bodies in the Financial and Gaming Sectors.

Malta needs to act internally to prevent action being taken from abroad. It needs to show it is taking concrete steps to reduce money laundering and to stop our country becoming a domicile for organised criminals and cross-border crime.

 

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