In a high-level meeting between the Nationalist Party and the Institute of Accountants, the two sides discussed the seriousness of the approaching Moneyval test and the consequences of a poor result for Malta’s economy. MIA President Fabio Axisa said that country’s top priority right now is its reputation and called for political maturity across the board to build a common strategy that goes beyond the Moneyval process.

The MIA delegation also raised concerns about the loss of US Correspondence Banking, warning that some banks are already treating Malta as a grey-listed country. Mr Axisa insisted that the risks involved affect everyone and appealed against the politicisation of the challenge.

The meeting discussed the current regulatory framework, and the MIA took the opportunity to explain its proposals for a more powerful and autonomous Accountancy Board. Institute representatives said that professionals are on the frontlines of Malta’s economic success and that the absolute majority upholds the highest standards, but members themselves demand immediate and strict action against professional misconduct.

On the disruptions caused by the pandemic, the Institute pointed out that professionals have been heavily impacted too and argued against a general idea that professionals do not need state assistance.