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11 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 14.3.2024 S anctions expert Tom Keatinge tells Business Today that Malta's approach to sanctions is a far cry from the negative perception har- boured abroad. Indeed, he praises the manner by which Malta adopts interna- tional and EU sanctions and even ar- gues it could teach other member states on certain best practices. He also makes the point that Malta is unfairly judged abroad. This is a phenomenon probably fomented by international monitors and agencies who are easily influenced by the more vocal critical voices locally and who do not bother to get a full picture on the ground. But while it is a fact of life that a small country like Malta has to con- stantly prove itself, Keatinge does point out Malta's track record on en- forcement is dismal. The country may be good on a pol- icy level and on the implementation phase but falls short when it comes to investigating, arresting and "putting the bad guys in prison". Keatinge's observation is nothing new. Indeed, it can be said for all types of enforcement. The problem is that a lax attitude to- wards enforcement only helps to re- inforce the bad image of the islands abroad. This reputational damage compli- cates matters for legitimate business- es – both foreign investors who want to transfer or open a new branch of their business in Malta and domestic investors who want to seek foreign markets. Malta already passed through a lot when it was grey listed by the Finan- cial Action Task Force (FATF). Ir- respective of how political the grey listing may have been in the wake of the Daphne Caruana Galizia murder and the implications of corruption at the highest level of government, the FATF grey listing raised eyebrows in investor circles. A concerted effort to get off the grey list as quickly as possible left the de- sired results. The police went into overdrive investigating and prose- cuting several people over financial crimes. The courts saw a veritable un- precedented wave of money launder- ing, fraud and tax evasion cases. But unfortunately, now that Malta has been off the list for almost two years, the problem of enforcement in this aspect appears to have returned. The number of police prosecutions on money laundering and other finan- cial crimes has mellowed. This was a prospect former FATF chief Marcus Pleyer had warned against. Indeed, it is not just a Malta phe- nomenon but given we are a small country prone to bullying by larger states, it is of no help to let down our guard. The regulatory and investigative au- thorities should pursue all avenues to clamp down on financial crime. This is a battle that must remain a priority because it has implications on an eco- nomic level. Malta's economy has performed well above the Eurozone average but noth- ing should be taken for granted. The police unit tasked with investi- gating and prosecuting such crimes, the FCID, should continue playing a central role in various criminal inves- tigations so that it is not just the pred- icate offence that is prosecuted but also its offshoots. We need to start putting the bad guys behind bars. Protecting the island's reputation is important. It will help to make it eas- ier for Maltese players to tap into for- eign markets since fewer hurdles will be placed in their way; and it will make it easier for foreign investors seeking to expand their business overseas to consider Malta without hesitation. 'Putting the bad guys in prison' In December 2023, the seasonally adjusted volume of retail trade decreased by 1.2% in the euro area and by 0.9% in the EU, compared with July 2023, according to estimates from Eurostat, the statistical office of the European Union. In July 2023, the retail trade volume decreased by 0.1% both in the euro area and in the EU. In August 2023 compared with August 2022, the calendar adjusted retail sales index decreased by 2.1% in the euro area and by 2.0% in the EU. In the euro area in August 2023, compared with July 2023, the volume of retail trade decreased by 3.0% for automotive fuels, by 1.2% for food, drinks and tobacco and by 0.9% for non-food products. In the EU, the volume of retail trade decreased by 2.4% for automotive fuels, by 0.9% for food, drinks and tobacco and by 0.6% for non-food products. Retail Price Volume DID U KNOW?

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