The Opposition has called on the government to take immediate action to restore the country's reputation in light of the preliminary findings of the MoneyVal report commissioned by the Council of Europe.

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as Moneyval, gave Malta’s anti-money laundering regime a poor grade in an evaluation.

In a statement, finance spokesman Mario de Marco said the government should start by acknowledging the problem it had created and then act to restore Malta's good name.

Failure to do so would reduce Malta's attractiveness for foreign direct investment, and damage existing business sectors which sustained the livelihoods of thousands of Maltese families.

It was high time that tangible action was taken, the PN said, adding that the fact that Tourism Minister Konrad Mizzi still held a cabinet position was bad enough. The fact that he was now being touted to enter the leadership race as a potential Prime Minister did not augur well for the country, it warned.

"This administration needs to start thinking about the future. Failure to do so would rock Malta's economic future and the burden would be borne by the nation as a whole irrespective of one's political beliefs and affiliations," the statement continued.

The Opposition was duty bound to speak in the interest of future generations, who were not part of today's decision-making but who would suffer the consequences, Dr de Marco said.

He added that in the face of yet another damning certificate on his handling of his ministerial portfolio, Finance Minister Edward Scicluna should walk the talk and take the natural decision one would expect in a democratic country where politicians assumed responsibility for their actions or inactions.

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