The 'exaggerated processes' of due diligence, which have become longer and more detailed due to Malta's position on the FATF grey list, are negatively affecting Maltese businesses as well as possible foreign investors, PN spokesperson Peter Agius said.

"The weight of the grey listing is being carried by Maltese businesses, the self-employed and Maltese workers, and the government is failing to take on that weight," Agius said in front of the Malta Business Registry in Zejtun.

The level of scrutiny which companies have to face whilst registering with the Malta Business Registry has become much greater, with the due diligence becoming much more detailed, he said. Agius continued that in the case of companies, one must conduct due diligence on every director.

"Foreign importers which have been importing into the country for 30 years and over, have suddenly started asking for accounts and documents, proving that trust has been lost in Maltese businesses because of the grey list," said Agius. Importers are also asking for full payments upfront rather than Maltese businesses enjoying credit facility, as cash flow is no longer trusted, Agius insisted.

Agius said that banks have been struggling to open accounts for new businesses, with the same businesses needing to meet certain criteria to be able to proceed. The government has shifted this weight upon businesses and consumers, said Agius.

He also said that the government spent €31 million solely to rent the building for the Malta Business Registry without public tenders, but through a direct order.

President of the PN's Administrative Council Graham Bencini said that businesses are now seen as criminals with the exaggerated due diligence processes.

Bencini mentioned EY's survey revealing that Malta's attractiveness to foreign investors has significantly declined, plummeting from 62% in 2020 to 37% in 2021. This means that, with the decline of investors in our country, there will be a decline of money being invested in the country's economy, he said.

A PN in government will send out a clear message to foreign investors, that it is committed to clearing Malta's reputation, said Bencini.

A new Nationalist Government would establish a governmental department to deal with due diligence controls, they said. "This would at least lessen the burden placed on businesses by ensuring that anyone lodging or purchasing property as well as notaries and banks would have legal certainty and a structure that helps them ascertain the necessary controls with less risk."

A new Nationalist government would also makes sure that the company register is up to date and that records available online are sufficient proof for every purpose instead of burdening businesses with the costs of further bureaucracy as is happening at the moment, they said.

"A new Nationalist government would also ensures a continuous dialogue on strengthening and maintaining our country's reputation with operators in all affected sectors, including banks, professionals (including Accountants and Notaries) and other operators as well as Maltese business representatives including Chambers of Commerce."