A reader remarked that law enforcement has conservatively estimated Malta's corrupt senior leaders, meaning Joseph Muscat and his associates, now have more that €200m in criminal proceeds.Most of this money is hidden in offshore tax havens around the world, and Malta's reformers are intent upon recovering it for the benefit of its people, The question becomes what is the highest and best use of this money ?
My personal opinion, based upon my decades of experience in compliance, is that Malta must abandon its dodgy offshore tax haven business model, and using the money for retraining and the purchase of the latest in hardware and software, create a compliance industry to serve the financial institutions and public companies of the European Union and Africa. Given the expansion of liability for AML/CFT deficiencies, it is a true growth industry. We welcome your comments and thoughts on this topic.
Let's turn this national nightmare into something positive. Take away the proceeds of crime and put it to good use.
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