The Malta Institute of Accountants said that the circumstances prevailing within the country are so extraordinary and grave that immediate actions are needed to restore serenity and confidence in the country and in our marketplace. “We have been let down by the certain elements within government and the institutions” complained the MIA.
The institute sad that “the satisfactory conclusion of the investigations into the murder of Daphne Caruana Galizia must be the primary objective within the country to ensure justice is served, and definitely seen to be served without any shadow of doubt. Conflicts of interest, actual or perceived, must not impact the process or outcome of the investigations”.
The MIA said that persons leading the country, within the government, and the persons leading the relevant institutions do so to protect society, economy and the market. These positions, said the MIA, carry with them responsibility and accountability for the achievement or otherwise of these objectives. “The people occupying such roles should make way now to avoid further reputational damage for Malta and above all to carry political responsibility. We are in this unsustainable situation where stakeholders and the Maltese people in general have to plead for the appropriate reaction which is obviously expected in a democracy”.
The MIA said that the profession is working in extreme adverse conditions and named:
- the difficulties experienced with correspondent banking and hence strained relationships with banks and financial institutions;
- the outcome of the Moneyval assessment and the potential implications on the profile of the country;
- the proposed changes in the regulatory framework within which accountants work, impacting severely the market place.