The Malta Institute of Management calls on politicians to address international reputational risk

The Malta Institute of Management has noted the various international reactions to the current political scenario in Malta. It regrettably notes that the way this scenario unfolded is putting at risk the financial services sector for which the whole political sphere and the industry has worked for in the last decades.

MIM calls on politicians to do their best to mitigate the impact the current situations are having on the industry with its ripple effects on the economy in Malta. The MIM calls also on the Malta Financial Services Authority and the FIAU to ensure that individual organisations do not tarnish the hard work of an entire generation. It is time for these two authorities to communicate and explain the work done to ensure that the aforementioned few organisations maintain the high standards that our country boasts of. MFSA cannot allow a country’s reputation to be put at risk due to no action or lack of appropriate communication.

MIM over the years has organised various international conferences in order to assist in the development of the sector, the latest of which was the 11th International Taxation Conference. Unfortunately, the discussion between the participants in this conference was overtaken by the alleged situations and the impact this has on the industry. As called by the MIM representative on the day, Malta needs to close this chapter at the earliest and needs to ensure and re-establish its momentum to grow into an international financial services centre it always aimed for.

The country’s common good should be the main goal and objective of any politician even if this may be at the temporary, short- or long-term detriment of those serving the country. With this in mind every politician should be convinced that the electorate would appreciate such line of thought.

MIM augurs that common sense and the common good will prevail.