The Cabinet has approved the formation of a steering committee that will oversee the implementation of budget measures aimed at reducing bureaucracy for businesses. The committee would be tasked with implementing three key budget measures
- Making it easier for companies to open bank accounts
- Setting up a credit review office; and;
- Introducing a shared due diligence system.
The credit review office will liaise between businesses and banks. It will be able to explain to businesses why they would have been refused a loan and work with them to address any flagged issues. The committee will also work on creating a due diligence system that is shared by all government entities, which once finalized may also be used by the private sector in a bid to reduce bureaucracy and have a harmonised due diligence system.
The steering committee will be made up of representatives from the FIAU, the Central Bank of Malta, the MFSA, the Malta Business Registry, the Finance Ministry, the Economy Ministry and other appointed experts.