A Moneyval report that found shortcomings in Malta’s anti-money laundering systems and concluded that not enough is being done on investigating and prosecuting financial crimes will lead to serious consequences on Malta’s reputation, the PN said today.
Speaking at a press conference, PN MP Mario de Marco said the government had known since 2018 that Moneyval experts were coming to Malta, and the main points were also mentioned in a draft report leaked earlier this year. Yet the government failed to act.
The report, de Marco said, found that the investigation and prosecution of money laundering crimes “do not seem to be a priority for the Maltese authorities.”
Such a statement will have consequences for Malta’s financial services sector, which employs thousands of people and is a main economic contributor, he said.
Describing the Moneyval statement as “shocking,” de Marco said the government cannot keep ignoring such reports.
“The government has to say what it intends to do to address the shortcomings highlighted in the report,” de Marco said, adding that political responsibility has to be shouldered.
MP Kristy Debono said the government keeps ignoring international reports, such as the Venice Commission report, which had found serious shortcomings on the rule of law, and the Hyzler report, which said that backbench MPs should not be employed on government boards.
The Moneyval report, she said, found that Malta is below average in 9 out of 11 categories it analysed.
She said the government needs to act in a concrete and planned way to restore the country’s reputation.
Government reaction
Reacting, the government said the Opposition seems to have missed a press release in which it said it is already addressing the issues flagged by Moneyval.
Of the 58 measures recommended in the report, 35% have already been implemented and the government is working to implement the remaining measures by the end of next year.
The government said that when the PN speakers formed part of a PN government, reports were put aside, but this administration takes action.
The Opposition has no credentials to speak on this sector and all others, it added.
During its press conference, the PN mentioned a number of reports, but failed to mention the Basel Index, which ranked Malta among the countries that are at lowest risk of money laundering.