In the wake of one of the toughest times we ever had to experience, it is of utmost importance that we make our decisions, based on sound financial principles and an ethos of good governance said the Malta Chamber of Commerce President David Xuereb during a webinar organised by The Chamber on Trade Finance.
Xuereb explained how The Malta Chamber has always been vociferous when it came to good governance and that they believe that combatting financial crime, money laundering and the financing of terrorism is not the sole realm of the public authorities and this is why, it is important for businesses to collaborate with their respective banks and other advisory firms to combat phantom transactions.
The Chamber president said that we need to aspire to live in a country which nurtures a culture where we champion the ambition of embracing the highest ethical standards. He also noted how the recent events underlined the importance of digitalising our services and that adapting to the new norm is key to turning the post-COVID-19 scenario into a success.
Joseph Rodgers, Trade Finance Executive at Bank of Valletta and the main speaker during the webinar, explained the obligations and responsibilities of parties in commercial contracts, the importance of choosing the right trade finance products to overcome cash flow challenges and phantom transactions.
The importance of liquidity for businesses was possibly never as evident in the past decade as it was during the COVID-19 outbreak, stated Rodgers.