Chamber, bank employees’ union call for united front in bid to overturn FATF greylisting

The Malta Union of Bank Employees (MUBE) is calling on stakeholders to help Malta “regain credibility” after it was greylisted by the international network of anti-money laundering watchdogs FATF.

“MUBE reiterates that all stakeholders should continue to insist on good effective governance at all times since it is the only way for Malta to regain the level of credibility our nation has been once renowned for,” the union said.

READ MORE: FATF greylisting ‘unjust’, Maltese prime minister says

The MUBE said a disciplined, proactive approach in a timely manner was needed to help the nation regain its credibility. “With a coordinated effort at a national level, Malta can recover its white-listing status by showing determination in the way governance is applied across all levels of business and society,” the union said.

The union said the Malta Financial Services Authority (MFSA) should not accept anything short of the highest of standards. “The MFSA, being the regulator and a firm driver of the process, cannot accept anything short of the highest of standards as it is the only way our nation can recover its previous long-time good reputation that directly supports all those who work in the Banking and Finance Industry,” the MUBE said.

The Malta Chamber of Commerce warned that the repercussions of greylisting by FATF will have a negative impact on many important sectors of the economy and the country’s international reputation.

“The cost of compliance of the Anti-Money Laundering (AML) regulatory framework, which is now more rigorous than that of many other jurisdictions, is being borne by our financial services sector,” the Chamber said.

“The brunt of being greylisted would be borne by the whole economy for as long as Malta retains this status. Malta needs to show the same rigour it exhibited when coming technically compliant to effective implementation.

“Evidently, compliance clearly needs a joint Government and stakeholder approach which binds all towards a commitment towards our country and, more importantly, its people. The key to turning around this situation is by joining forces to enforce the existing framework and have effective monitoring systems to safeguard our jurisdiction,” the chamber said.

'Certain core industries will be negatively impacted' - COA

The Chamber of Advocates said it was troubled by the news that Malta has been greylisted by the FATF and expressed concern at the effects that this could have on Malta’s economy.

“Certain core industries, such as the financial services sector and that of corporate services which have, in the past, contributed immensely to our economy, will surely be negatively impacted,” the chamber said.

The chamber said all relevant stakeholders needed to come together to agree on a common strategy that would ensure Malta is placed back on the whitelist as soon as possible.

'There is always room for improvement' - GWU

The General Workers Union (GWU) said that while work has been done on governance, the rule of law and financial transparency, there is always room for improvement.

“The repercussions of yesterday’s result can be felt in all economic sectors, and this could lead to the loss of working conditions, employment and the reduction of foreign direct investment,” the union said.

The union said that yesterdays results added another challenge for the island, which is still dealing with the effects of the COVID-19 pandemic. “The General Workers' Union has no doubt that we will regain the place we deserve.”

READ ALSO: Malta first EU state to get FATF greylisting, PN: ‘a national punishment’