The Malta Institute of Management (MIM) has warned that the current political scenario was putting at risk the financial services sector "for which the whole political sphere and the industry have worked in the last decades".

The MIM extended its plea for action to politicians but also to the Malta Financial Services Authority and the FIAU saying they must ensure that individual organisations do not tarnish the hard work of an entire generation.

"It is time for these two authorities to communicate and explain the work done to ensure that the aforementioned few organisations maintain the high standards that our country boasts of. MFSA cannot allow a country's reputation to be put at risk due to no action or lack of appropriate communication,” it said.

Malta needs to close this chapter at the earliest and needs to re-establish its momentum to grow into the international financial services centre it always aimed to be.

“The country’s common good should be the main goal and objective of any politician even if this may be to the temporary, short term or long term detriment of those serving the country. With this in mind every politician should be convinced that the electorate would appreciate such line of thought.”

The MIM is not the first association to flag its concern after Malta appeared in disparaging headlines in international media, mainly because of the Panama Papers scandal.

Read: Malta needs to restore its reputation – MEA