Arab Press

بالشعب و للشعب
Thursday, Mar 28, 2024

Malta’s FinServices sector left reeling in wake of high-profile arrests on money laundering charges

Malta’s FinServices sector left reeling in wake of high-profile arrests on money laundering charges

Malta’s business community is in turmoil following recent damning developments in the investigation of Daphne Caruana Galizia’s assassination, the outgoing president of the Malta Chamber of Commerce said.
David Xuereb told sister newspaper BusinessToday this morning that the arrest and incarceration of a number of prominent individuals – including the former chief of staff of the country’s former prime minister, as well as a number of financial advisors, accountants and businessmen – on charges of money laundering, corruption and fraud, had Maltese businesses worried about what was yet to come.

“Most worrying is that these developments, and what is surely yet to come, will have a crippling effect on Maltese businesses and their hopes of investing, joining partnerships and enticing foreign businesses to join local endeavours,” he said.

Xuereb said the money laundering charges were particularly damning as Malta had for years worked hard to portray itself as a safe and forward-looking financial services centre of excellence.

“We are seeing this onslaught of scandals, revelations and legal proceedings because for many years, hardly any action was taken to follow up on reports and accusations,” he said. “My hope is that whatever else is to come, comes quickly.”

The compilation of evidence against Nexia BT partners Brian Tonna, Karl Cini and Manuel Castagna, and the company’s financial controller, started today. Proceedings against others, including Keith Schembri, are expected to start tomorrow.

Xuereb said that it was imperative that any necessary action is taken immediately and that all crimes, infringements and conspiracies are uncovered and solved and that any and all guilty parties are identified and punished.

However, once all legal and judicial processes are concluded, it is equally important that the country be in a position to move on.

Xuereb said that Malta’s reputation was nowadays in tatters.

“Our country and our businesses have lost their ability to develop lasting commercial relationships because foreign investors are now wary of us,” he said.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
PM Modi Announces Opening Of New CBSE Office In Dubai
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Facebook and Instagram Ban Iran's Supreme Leader
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
The Saudi Kingdom's Ultimatum to Israel: A Win-Win Peace with Saudi Arabia and the Arab World, or a Lose-Lose Continued Occupation and Endless Conflict
Biden condemns anti-Arab hate after WSJ opinion piece calls Dearborn ‘jihad capital’
Turkey Releases Seven Hostages Captured by Pro-Gaza Gunman
Arab Parliament Commends Women's Contributions to Societal Development
British and Hungarian Foreign Ministers visited Lebanese leaders to stress the importance of enacting UN Resolution 1701
Yemen's Houthis Say They Targeted British Merchant Vessel In Red Sea
Donald Trump Nominated for Nobel Peace Prize for 'Historic' Middle East Policy
US lawmakers approve F-16 jet sale to Turkey following NATO expansion support
Saudi Arabia Climbs 25 Places in World Bank's National Statistics Indicator
Tourism Growth in Saudi Arabia Fuels Advancements in the Hospitality Industry," Says Rotana Official
Houthi Rebels Request Departure of UN Staff from Yemen, Including US and UK Personnel, within a Month
Modi Inaugurates Hindu Temple on Site of Demolished Mosque in India
Over 25,000 Deaths in Gaza Amid Israeli Offensive
Escalating Clashes in Gaza as Israel Distributes Leaflets to Assist in Locating Hostages
Turkey's First Astronaut Set to Launch for International Space Station Today
Head of Palestinian Investment Fund Warns More People May Die of Hunger Than War in Gaza
Palestinian Envoy Criticizes UK for Alleged 'Double Standards' in Policies Toward Israel
Morocco to Lead UN Human Rights Council in 2024
Is artificial intelligence the solution to cyber security threats?
Egypt has been identified as the leading military force among Arab nations and ranks 15th globally
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Iranian Nobel Laureate Narges Mohammadi Receives Additional Prison Sentence
"Gazans Urge Israeli Forces to Target Hamas in Leaked Audio"
Biden States US and UK Airstrikes on Houthis Were a 'Defensive Action
Large Pro-Palestine Rally in London as Gaza Conflict Hits Day 100
South Africa Urges World Court to Halt Israeli Actions in Gaza
×