Malta is literally on the brink of being "Greylisted" by MONEYVAL, but amidst all the talk of reform and change, its prominent residents openly advertise their availability to act as nominee directors for the jurisdictions dodgy shell (letterbox) companies. If you doubt the truth of this statement, access this link: https://bennetti.mt/services/directorship/ which is a typical ad soliciting clients for offshore business.
So long as white collar criminals, tax evaders, terrorist financiers, and all the other usual suspects can form a shell company in Malta, and pay locals to front for them, the abuse of the system will continue. Nominee directors tarnish the reputation of Malta, and the MFSA should take action, instead of providing legitimacy for their status.
As the financial landscape in the EU regarding what it will not put up with from its Members changes, Malta simply must change with the times, or be left in the dust, while international businessmen move to move reputable jurisdictions.