The consequences of the Moneyval report are extremely serious on Malta's financial services sector and Malta's economy and Malta has now 12 months to rectify all the shortcomings identified by the Committee of Experts or face the prospect of being blacklisted, the Nationalist Party said in a statement.

The Opposition was making reference to the article appearing in The Times of Malta entitled "Malta Fails Key anti-Money Laundering Review". According to the said report, the Council of Europe, during a closed plenary session, approved a report which gave poor overall ratings to Malta's efforts to combat money laundering. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism has been reviewing Malta's financial laws and their enforcement since the start of 2018. 

In a statement signed by Mario de Marco and Kristy Debono, the PN said one of the main reasons behind this worrying development is the meltdown of the state institutions which are meant to fight money laundering. Since 2013, these institutions have repeatedly failed to carry out their duty without fear or favour, giving in to political pressure as was evidenced by the licensing of Pilatus Bank; the failure of MFSA to take action on Pilatus Bank despite reports of breaches of banking regulations; the failure of government as a whole to take action against Minister Konrad Mizzi and Mr Keith Schembri despite FIAU reports which concluding that there these individuals were involved in suspected cases of corruption and money laundering; and, the sacking of the FIAU officer who was investigating Pilatus Bank and high government officials involved in suspected cases of money laundering.

The Opposition is informed that government has some months back commissioned international experts to advice on how Malta can avoid being blacklisted. These experts gave their recommendations to government. In the interest of transparency, the Opposition is calling on government to make public the full report approved by the Council of Europe, the experts' report on what steps need to be taken over the next twelve months and a road map showing how and when these recommendations are going to be implemented. Government should also clarify whether the experts' advice included a strong recommendation for steps to be taken against the government officials involved in suspected money laundering. Government should also clarify what steps it is going to take in this regard.

This development is yet another confirmation of the dismal record of Minister Edward Scicluna. Minister Scicluna failed to protect Malta's financial services sector preferring instead to protect the interest of his cabinet colleagues and friends. His failure is going to be borne by all those whose livelihood depends directly or indirectly from Malta's financial services sector, the PN said.