In a letter to the London Times newspaper last week, the Maltese Minister of Finance John Dalli criticized the paper's recent report which implied that Malta had made a "last-ditch attempt" to stay off the OECD list of tax havens and stressed that Malta is working closely with the OECD in an effort which will see greater co-operation and standards.
Here is the letter in full:
From the Maltese Minister of Finance
Sir, Your report on the Organisation for Economic Co-operation and Development programme to eradicate harmful tax measures ("Jersey to defy OECD on tax", June 20) said that "six other centres made a last-ditch attempt to avoid naming and shaming".
In Malta's case, such a statement is wholly inaccurate and misleading. Malta has worked tirelessly and openly with the OECD and there is nothing "last-ditch" about our exclusion from the OECD's list of tax havens.
It would be entirely wrong for the world to perceive that Malta has been pressured into adopting higher standards.
We began the process ourselves in 1994. Since then we have completely remodelled our finance sector legislation and regulation along European Commission lines, and by 2004 the last vestiges of our old offshore regime will have disappeared.
Indeed, we stopped granting offshore licences in 1996 and we withdrew recently from the Offshore Group of Banking Supervisors because we are so rapidly ceasing to be an offshore centre.
We are a small country but have the same obligations as large countries to behave as responsible members of the world community.
This includes helping to eradicate any practices that may undermine global economic stability. This is what we are doing and seek only that others recognise the strength of our commitment and the quality of our actions.
Yours faithfully,
JOHN DALLI
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