Financial services’ bodies say attacks on judiciary can cause irreparable damage to Malta

Statements and actions which undermine the independence and proper functioning of the country’s democratic institutions, such as attacks on members of the judiciary and the workings of the judiciary, have been condemned and deemed unacceptable by The Institute of Financial Services Practitioners, the Malta Institute of Accountants, the Malta Institute of Taxation, and the Society of Trusts & Estate Practitioners.

The four aforementioned financial services’ bodies, in a statement on Friday, have expressed deep concern in relation to the ongoing situation. They said that such attacks and statements undermine the public’s confidence in the judiciary, and can also “potentially cause irreparable damage to Malta’s reputation in the eyes of current and future investors, economic operators, practitioners in the financial services industry and assessors”.

In terms of the financial services secretary, the financial services’ bodies said that the sector has been “painstakingly built over the past 35 years” and that any damage to the sector’s reputation will negatively impact the country as a whole.

The four financial services’ bodies said that attacks on the rule of law, members of the judiciary, or the judicial process are unacceptable within a democratic society. Furthermore, they think that this situation may have serious repercussions in terms of social well-being and stability in Malta.

“This may have untold repercussions and could have a severe, detrimental and lasting effects on the social well-being and stability of Malta.”

When it comes to the judiciary, the financial services’ bodies said that they believe it is deserving of the highest respect and should be allowed to function properly so that it is able to fulfill its fundamental role. They added that any doubts should be addressed through the proper institutional channels that are present in a democratic nation such as Malta. They said that such channels would be institutions like the Commission for Administration of Justice, “and certainly not via the media or political platforms”.

The four bodies concluded by calling on all to act responsibly and uphold the principles of the rule of law and good governance as well as to show respect for the country’s judiciary and the constitution.