The Laundry Man by Kenneth Rijock ( Penguin/Random House UK)

Monday, June 28, 2021

AMID THE POST-GREYLISTING CHAOS, MALTA'S STARTUPS CLOSE UP SHOP, SLINK OFF TO CYPRUS

 It was bound to happen; a number of offshore startup companies in the Republic of Malta, having learnt that the Financial Action Task Force, the FATF, Grey-listed the island nation, they are making hasty plans to close up shop, and reopen in the Republic of Cyprus. The first entities to have already decided to make the move are already collapsing their Malta operations.

This will obviously not only impact the economy, but will have a knock-on effect regarding companies that are considering making the move. when the word spreads throughout the European Union, expect that the number of companies opening up in Malta, to seriously decline, as nobody wants to be in a jurisdiction that has been targeted as high-risk, and from which wire transfers may be declined.



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