Malta will survive the current onslaughts on its reputation as a financial services jurisdiction, the chief executive officer of Grant Thornton International told the Times of Malta.

Ed Nusbaum was in Malta for a meeting of around 40 country and regional manager of the auditing and advisory firm, the world's fifth largest professional services network, which has member firms in 130 countries employing a total of 42,000 staff.

Even though it was his first visit to the island, he had already been briefed about the most recent criticism of Malta as a tax haven by North Rhine-Westphalia finance minister Norbert Walter-Borjans, and the 'Malta Files', which claimed that Malta was being used for tax avoidance by firms linked to the Italian mafia, Russian loan sharks and the highest echelons of the Turkish elite.

On a scale of one to 10, Malta’s reputation was at least 'nine plus'

Asked whether he thought the timing of the attacks was linked to Malta's presidency of the EU or because of the competition to attract companies leaving the UK because of Brexit, he said that Grant Thornton would see the attacks “for what they are”, adding that on a scale of one to 10, Malta’s reputation was at least “nine plus”.

“There are always up and downs, always bumps in the road, with any country, but I think Malta will get past those,” he said.

He also said that a low tax regime was good for business and does not always have to be ‘dodgy’.

“It is important for countries to have tax systems which attract business and there is competition between countries today to have low taxes and the right business environment… I think the key is to have the right regulations in place to keep companies in check.”

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