Government's insensitivity to the future of financial services, the wider economy and the thousands of jobs that depend directly or indirectly on it is mind-boggling, PN MPs Mario de Marco and Kristy Debono said in a statement.
"Only last week, the IMF once again poured cold water on the government's claims that it was taking money laundering seriously. In its report, the IMF urged Malta to take serious action in this field or risk threatening country's financial stability."
"Yesterday, the country faced two stark warnings of the perils of ignoring the present realities, a danger which could see entire industries at risk."
The first such warning was a strong, clear statement by HSBC Malta CEO Andrew Beane, who did not mince his words when stating that swift action to address Malta's reputational issues was required, the MPs said.
"Beane told a local newspaper that it was crucial that Malta starts providing evidence and clear outcomes in its efforts to address shortcomings in its financial sector. He described 2020 as a critical year for Malta to fix its damaged reputation and ensure its financial system operates according to the rules of the international economy."
"Also yesterday, a report producing a global index ranking countries on financial secrecy, Malta has fared worse than previous years. Contacted by the local press, Alan Cobham, CEO of the Tax Justice Network, said the Maltese Government is facing a crisis of legitimacy. More worryingly, he remarked that Malta was perceived that it was simply pursuing even dirtier money, in what he describes as a race to the bottom."
What worries the Opposition is that faced with such damning statement and candid appeals for urgent action, the government remains hesitant to take the necessary action, the MPs said. "Once again, in order to protect its own, Labour shows a complete disregard our country's reputation and the livelihood of its businessmen and professionals."