An outcome of the Panama papers scandal will probably be the development of policies among European countries that would totally open up the structures by which trusts are run. These are legal entities which enable companies and individuals to transfer in the greatest secrecy huge amounts of funds from place to place. In Malta and in other countries which specialize in international financial services, trusts have become a common financial tool.

The claim is that the secrecy which trusts allow for facilitates the laundering of monies that have been earned – if that is the right expression – through organised crime or corruption, or money laundering for purposes of terrorism.

In reply, it is said that all necessary regulations can and should be introduced by which to render the activites of trusts completely transparent. In this way, their owners will be known and all transactions that they undertake will be open to investigation by the relevant authorities.

The argument is failing to convince many people. We are getting closer to the introduction of increasingly stringent controls over trusts... unless the Americans under their new administration happen to change direction.

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Ironic

At all times, ironies emerge to create contrast between one era and another. Here are some which prevail in our world as of now:

1)The US has a President who will be launching measures that go against practices which the Catholic Church has always fought, such as abortion. It so happens that the Pope now incharge is more focussed on combating social injustices the world over, than on controlling the reproductive practices that people adopt.

2)The US were always more favourable to the freedom of private enterprise, than to the concept of mobilising state expenditure in order to promote economic activity; Europeans were rather in the opposite camp. Today, Americans are bulking up government financial commitments, while the Europeans are still holding them back, in line with policies that emphasize  a greater prudence.

3)Following long years during which the PN preferred to greatly ignore the issue of corruption, it now has become practically the only campaign theme that the party plugs.

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Disconnected?

Many moons ago, a diplomat stationed in Malta explained how surprised he felt that despite the small size  of their country, Maltese people remained disconnnected from the events occurring beyond their shores. The news is dominated by local controversies. Polemics about current European or world challenges are practically non-existent.

I reminded him how the same holds true elsewhere. TV stations in New York broadcast continuous news about items of concern to the city, as well as – if less so – to New York state, but they demonstrate minimal interest in national or international news.

My friend shrugged by way of reply, probably to show he found there was no comparison between the size of New York and that of Malta.

Mind you: I think he had a point. Even nowadays, we hardly discuss or get hot under the collar regarding developments in Europe or beyond... unless some huge problem arises which affects us significantly and from up close, like immigration.