After the Maltese islands were grey listed by the Financial Action Task Force, around 24 companies have reportedly given up their licenses to operate in the country. This was revealed by Nationalist Party spokesperson Peter Agius, who addressed a press conference alongside MP Kristy Debono and candidate Jerome Caruana Cilia. Debono stated that some of the companies concerned had operated in Malta for 15 years, pointing out how the current situation has left the financial service industry at a crossroads.
Debono added that other companies are skeptical about renewing their licenses. He said that we need to firstly find out why these companies re not renewing their licenses.
Calling on the government to communicate its plans to get Malta off the grey-list, Debono said that authorities have so far been unconvincing or failed to effectively communicate any plans. Debono said that the lack of information on the plan ahead is proving to be an obstacle for businesses planning their futures.
Debono also stated that the government has not shown the will to hold those whose actions ‘shredded’ Malta’s international reputation responsible. Businesses are thus paying the price due to this repetitional damage.
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Photo Source: The Times, Kristy Debono FB, Peter Agius FB