054 TH E MA LTA C H A M B E R A N N UA L R E P O RT 2020/2021
MONEYVAL RECOMMENDATIONS The Malta Chamber’s Financial Services Business Section established and led a forum with the aim of bringing together players in the financial services sector, to present a unified voice and support Government in navigating the Moneyval evaluation. The forum was composed of The Malta Chamber’s Financial Services Business Section, the Malta Bankers Association, the Chamber of Advocates, the Malta Institute of Accountants, the Institute of Financial Services Practitioners and the Malta Institute of Taxation. The forum drafted and presented a document titled ‘Recommendations for the Moneyval Assessment’. Recommendations included a call for a clear communication strategy to report on unambiguous progress achieved in updating Malta’s regulatory infrastructure relating to Anti-Money Laundering and Combatting the Financing of Terrorism as well as the Rule of Law. While acknowledging the legislative and regulatory work conducted thus far, The Malta Chamber also proposed the appointment of one technical, apolitical national spokesperson on Moneyval related matters. The individual, who would enjoy widespread respect and credibility, would be able to communicate
developments and improvements being registered by Government on the subject in a clear, albeit technical manner. The Malta Chamber’s President informed the Prime Minister that success cannot be achieved by Government acting alone or by pointing fingers towards one sector or another, it can only be achieved by having an effective unified effort. The Forum which represents the Financial Services Industry offered its full cooperation, with the ultimate aim of making the Moneyval experience an opportunity to seek further success for the country. The Malta Chamber, as Malta’s foremost guardian of the country’s competitiveness, has taken it upon itself to lead this concerted effort, and put its resources at its disposal, to help obtain a favourable outcome for Malta. The Malta Chamber President went on to say that once the assessment is concluded, all efforts are kept in place to maintain the highest of standards. Lessons must be learnt through this ordeal, and through constant proactive action and keeping transparency a priority. FEEDBACK ON THE NATIONAL STRATEGY FOR THE ENVIRONMENT 2050 The Malta Chamber submitted its recommendations for the public consultation on the National Strategy for the Environment