After the much publicised launch of a public consultation document calling for proposals to reform the MFSA, it seems that this has not gone down very well with experts in the field.
A source who spoke to this news portal on condition of anonymity and who has vast experience in this sector said that the document is: “like a student’s essay…a self-serving and self-praising litany of platitudes”.
Commenting further the source said; “it is so sad that this seems to represent the best we can do. Not only does the content state the obvious, but the formatting and presentation is really poor and unbelievably plain and unimaginative. This shows you that the MFSA are not really interested in the thoughts and opinions of third parties. It is more likely a document written for the MFSA to look good with the Prime Minister and their new young impressionable Parliamentary Secretary.
Other sources who spoke to this news portal said that the document could not have involved more than a couple of days work at most.
“This is not a study but a shallow pretence. Any self-respecting professional would never have published such a predictable and obvious list of ridiculous proposals. It just shows and reflects the self-satisfied character of the persons leading this controversial semi-efficient organisation. But admittedly, it looks very much like a typical MFSA creation. A very MFSA style of concern about its own image and its past conduct – narcissistic and uncritical”.
The source who works in the financial services field ripped the document to shreds and commented on how our jurisdiction has simply become an ideal vehicle for those who wish to indulge in tax evasion and/or money laundering.
“This is not the product of a leading sophisticated jurisdiction but the product of shallow intellectually weak officials indulging in self-praising inconsequential scribble. I really think it unmasks how shallow our jurisdiction really is despite all the posturing and the suits……what we are good at is in our not so subtle offers of secrecy, tax evasion/ avoidance and apparently huge money laundering possibilities”, the source added.