It’s pathetic how Labour are trying to find excuses for and sugar-coat the catastrophe and humiliation they have bought upon the island, the greylisting of Malta by FATF, along with Haiti, Philippines and South Sudan. The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
It’s PN’s fault. We’ve made some mistakes in the past, but hey, everyone makes mistakes. Anyway, we won’t suffer any consequences! We have plenty to fall back on! It’s not the end of the world! It’s an opportunity, the PL narrative goes. The whole, well-oiled PL propaganda machine is directed towards disseminating this narrative.
We will suffer consequences. Would you put your money in a bank that has a bad reputation? Or invest with a financial practitioner with a bad reputation?
Likewise, investors will not want to invest in Malta, and current investors may get cold feet about retaining their investment in Malta. Foreign Direct Investment in Malta will diminish, as will our Financial Services industry, two main pillars of the Maltese economy.
These two articles explain in detail how greylisting will impact Malta.
The reason given for Malta’s being put on the grey list?
“There are crooks everywhere you look now. The situation is desperate.”Daphne Caruana Galizia
What must Malta do to get out of this grey list?
Arrest the corrupt, the crooks who have been running the country for the last eight years, some who work or worked in the Prime Minister’s Office, some who form or formed part of the Cabinet of Ministers, some who form or formed part of the higher echelons of the police force. Those who closed an eye. Or two. Those who knew, could do something, but didn’t.
Throw them behind bars.
That would be a good start.