The Forum Professjonisti Partit Nazzjonalista has noted "with deep concern" the now officially-published Moneyval Report.
FPPN said it is "deeply troubled and concerned to see Malta's once stellar reputation as a financial services and iGaming jurisdiction reduced to rubble.
"Furthermore FPPN is deeply troubled by the prospect of blacklisting; which action would effectively spell the end of Malta as a jurisdiction of choice for financial services and iGaming and would lead to massive job losses and an economic meltdown without precedence."
The FPPN highlighted the report's particular criticism of the Malta Police Corps, which has been identified as a key weakness.
"The FPPN notes that this is not the first time that the Maltese Police Corps under the current administration has been singled out internationally as being a key weakness in the rule of law in Malta.
"The FPPN is deeply concerned that despite the fact that the Malta Police Corps administration having turned the once reputable Corps into a liability, no person has been made answerable."
The forum also noted, "with concern", that the major weaknesses identified in the Moneyval Report "all pertain to government-controlled institutions indicating that Malta is in a situation where the private sector is, in the most part, acting responsibly and diligently whilst the government is taking a lax attitude thus allowing the rotten few to ruin the reputation for one and all".
The FPPN called on the government to immediately rectify the situation by:
- Immediately adhering to the Moneyval Recommendations without delay
- Desisting from any attempt to protect officials within authorities whose failure to act led to this sad state of affairs and to make such officials answerable for any damages that may and will be suffered by the Maltese industry
- Providing the relevant authorities with the required resources and independence to carry out their duties diligently and to acceptable standards
- Carrying out the required reform within the Malta Police Corps to restore faith in an institution to once had the respect of many but which today has been reduced to a tarnished shadow of its former self
- Immediately suspending any high-level government official and/or political appointee and/or Minister and/or Parliamentary Secretary currently under Money Laundering and/or criminal Investigation until such time that their name is duly cleared of all wrong doing
FPPN said it recognises that the government has promised to take the report seriously, but added that it "cannot take this promise seriously until concrete measures are taken.
"If the government fails to take all the measures necessary including the reform in the Police Corps it will be directly responsible for the livelihood of many."
FPPN stressed that it is more than sure that if the government "truly takes up the mantle of genuine reform it will find cooperation from all parties and stakeholders.
"All reasonable parties are all too aware of the importance of these sectors to the Maltese economy and of the importance of restoring our reputation as a jurisdiction to one of a serious European jurisdiction with attractive infrastructure and legislation for the financial services and iGaming industry."