Pulling the same rope

The long- awaited Pana committee report was finally published, and its conclusions did not come as a surprise, as they echoed what this Government has been insisting all along: that Malta’s taxation system is compliant with both the EU and the OECD regula

The report was clear; it stated that Malta had adopted all EU laws aimed to strengthen transparency in order to fight money laundering and fraud. The Pana Committee report stated that: “Malta transposed EU rules and respects OECD standards in terms of transparency, fight against tax fraud and money laundering.”

The Pana Committee report went a step further stating that Malta’s taxation system is also attractive, as well as according to EU and international standards.

Another significant event for the financial services industry in Malta in regards to the Pana Committee’s conclusions were the remarks passed on by the big four financial institutions in Malta. The Chamber of Commerce; the Gozo Chamber of Commerce; Finance Malta; and The Institute for Financial Services Practitioners (IFSP) jointly welcomed the conclusion of the Pana Committee report and called on all stakeholders to work together for the common good of the industry.

The appeal from these financial institutions should not fall on deaf ears. It showed maturity, that it should be in everyone’s interest to work on preserving and strengthening the reputation Malta enjoys on an international level especially for such a sector. Previous and current administrations have built a financial services sector that is enviable. The success of this sector had been dependent on years of cooperation between the two sides of the aisle. Unfortunately, during the past years we have seen the Nationalist Party with its dirty tactics trying to smear our country’s name, tactics that took a definite toll on the Party orchestrating them. A testimonial for this is not only the conclusion of the report by the Pana Committee but more importantly the joint statement by the financial institutions. It is proof that the Nationalist Party’s only political interest was to endanger a sector, considered by many as their main source of income, as well as to harm the strong reputation our country has built over the course of history in regards to financial services.

The PN is consistent in being inconsistent. These tactics are only applicable whilst they occupy the Opposition benches and are only conducted with the sole purpose of trying to destabilise the country.

The reputation of this sector does not only fall under the responsibility of the Government, everyone should play their part in protecting a sector that is considered as one of the main pillars of the Maltese economy.

During the past years, the financial services sector grew significantly, consequently, Malta has now become a centre of excellence in this sector. As a Government, we must safeguard the upkeep of this sector. As the Parliamentary Secretary responsible for Financial Services, I look forward to see this sector continue to grow over the coming years. It is already estimated that the insurance sector will experience significant growth.

We have to make sure that our financial services maintain their relevance in the digital world by means of adapting to new technologies and exploiting the advantages that it will bring about, such as blockchain and cryptocurrencies.

Our vision is to have financial services that will be a step ahead of its time, that will create more jobs and opportunities and that is able to anticipate and adapt to changes quickly. To arrive there, we want to ensure everyone is on board. We have rolled up our sleeves. We are preparing our country for the next generation, and the next generation must find all stakeholders in this sector pulling the same rope.

During the past years, the financial services sector grew significantly. Consequently, Malta has now become a centre of excellence in this sector.