Crooked politicians would remain undetected without Panama Papers Leak

Today, the European Parliament agreed on the list of members who will sit on the Committee tasked to investigate alleged contraventions and maladministration in the application of Union law in relation to money laundering, tax avoidance and tax evasion. This Committee is set up as a response to the Panama papers revelations.

Head of the PN Delegation David Casa stated: “Even with the tougher EU Anti-Money Laundering laws adopted last year the financial manoeuvres of politicians strongly suspected of corruption and money laundering would have remained undetected without the panama papers leaks. Addressing these loopholes must be the focus of the committee.

The Konrad Mizzi case puts the entire country in a bad light. We will do our utmost to show that the actions of those in Castille should not be a reflection of Malta’s reputable financial services industry. And we must advocate for the creation of additional safeguards to prevent persons in power with criminal intent from being able to operate undetected so easily.”

MEP Roberta Metsola stated: “The European Parliament’s investigation will mean that Malta will likely be forced to go through the process of having Konrad Mizzi hauled before MEPs who will undoubtedly question the various mercurial excuses he put forward to try to explain away the setting up of his secret financial operations while he was Minister.

The inquiry will be extensive. It will coincide with Malta’s Presidency of the Council of the European Union, putting the golden opportunity our country will have of being in the driving seat of the EU agenda under a dark cloud. No one will be taking any pleasure in this. It puts the entire country under a bad light. Konrad Mizzi could have avoided it by resigning. Joseph Muscat could have avoided it by sacking him when he refused. They chose this road at the expense of Malta's reputation."

MEP Therese Comodini Cachia maintained that, "Panama Papers have revealed how a few power wielding persons hide their income and assets in jurisdictions which provide secrecy thereby escaping public scrutiny and fiscal obligations.

The main task of the Committee is to investigate whether the European legislation already in place is lacking, or whether the Commission or Member States have failed to ensure its effective implementation and enforcement. The involvement of Minister Mizzi and the Prime Minister’s Chief of Staff will certainly put Malta in the spotlight and question whether the Maltese government holds enforcement of financial legislation to be a priority.

Their actions, however, ought not to be confused with the standards of professionalism and due diligence operated by Maltese financial service providers who are law abiding professionals."

David Casa is a full member on the Committee representing the Committee on Economic and Monetary Affairs while Roberta Metsola is a full member representing the Committee on Civil Liberties, Justice and Home Affairs. Therese Comodini Cachia is a substitute member. In the coming weeks, the Committee’s work will commence on devising its work programme and compiling the list of persons to be called to answer questions by this new Panama Inquiry Committee.