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Warranted professionals, like doctors, accountants and engineers, have to abide by minimum standards of behaviour defined by statutory regulations. All warranted professions invariably have a second layer of more defined standards which their members are expected to follow. Self-regulation is one of the most jealously defended rights of all warranted professions. Recent events connected with the alleged abuse of power and non-observance of behavioural standards by three accountants have been a severe cause of concern for many in the accountancy profession. Accountants Brian Tonna, Karl Cini and Manuel Castagna, working for accountancy firm Nexia BT, are being charged with serious crimes, including fraud, falsification of documents and money laundering. ....
Nexia BT partners alleged financial crime has turned accountancy into an “inferior grade” profession in the eyes of many, the president of the Malta Institute of Accountants (MIA) told its members. Writing to more than 3,500 accountants in Malta, Fabio Axisa said allegations of financial crime against some individuals had cast a “heavy shadow” on the whole profession and represented a “dark page” in its history. The strongly worded letter, seen by Times of Malta, was sent to members after Nexia BT partners Brian Tonna, Karl Cini and Manuel Castagna were charged with money laundering, forgery and other crimes in connection with the business activities of the former prime minister’s chief of staff, Keith Schembri. ....