Watch: PN MPs meet rule of law delegation, speak of reputational risk

Reputational risk to Malta's financial services industry following the Panama Papers scandal and all that went on in the years following was discussed in a meeting between Nationalist Party MPs and a cross-party European Parliament delegation.

The delegation are in Malta meeting with the main political parties, NGOs, civil society and even former Minister John Dalli himself to discuss any action taken on recommendations laid out in a rule of law report published last January.

MEPs were in Malta late last year on a fact-finding mission on the state of the rule of law in Malta, following the brutal murder of journalist Daphne Caruana Galizia. They produced a report after their visit accompanied by recommendations.

It is believed that currently, a Labour Party delegation followed by a Democratic Party delegation are meeting with the MEPs.

In comments to this newsroom, PN MP Kristy Debono said, following the PN's meeting with the delegation:

"They have asked us for our feedback because they are preparing to follow up a report with recommendations for the European Parliament.

We said that the financial services industry has been hit hard by reputational risk. We highlighted how institutions have lost all autonomy...the FIAU head is completely insignificant, we are not feeling that they are working as just and efficiently as they should be.

"We have discussed the 'Moneyval' assessment, our feel is that the government is not prepared for this examination, if we fail this crucial text this would label our country as a money laundering haven, the risks of such a label are huge."

PN MP David Stellini spoke with this newsroom following his meeting with the MEP delegation. He said the discussion focussed on the rule of law in Malta and the sense of impunity, where major institutions fail to act in the face of allegations against people close to the centre of power 'like OPM Chief of Staff Keith Schembri and Tourism Minister Konrad Mizzi'

He said the PN spoke of the importance of enforcement of anti- money laundering laws. He said that the PN stressed that most Maltese are honest and hardworking, in all sectors, and that most people are appalled at how Mama's reputation is being tarnished abroad.

Photos/video by Alenka Falzon & James Caruana 

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