Current Affairs
1,000 new jobs in financial services

The financial services sector created 1,000 new jobs last year, thus bringing up to 12,000 the number of persons earning their living from this sector.

This emerges from the annual report of the Malta Financial Services Authority, from which it also emerges that during 2018 a total of 144 new financial service companies invested in Malta.

It also emerges that the financial services sector registered a growth of 9.5% last year.

A report published by the Financial Services Authority shows that last year the financial services sector employed over 12,000 persons, which means that the sector provides 5.3% of jobs in Malta, nearly double the average for jobs in this sector in European Union member states.

It was stated in the report that the sector experienced a 9.5% growth rate over the previous year. It was also stated that despite the competitive environment in this industry, 144 new companies opened up in Malta, bringing the total number of financial service companies up to 2,300.

The report also addressed actions taken by the MFSA against Pilatus Bank and Satabank because of shortcomings in their operations. It was stated that the Authority had signed an agreement in principle with the Financial Intelligence Analysis Unit, to strengthen collaboration in inspections carried out on licenced companies. It emerges from the report that in the course of last year, the Authority investigated 63 cases of contraventions, and seven warnings were issued.

The MFSA Chief Executive, Joseph Cuschieri, explained that last year the Authority focused on four sectors, including a reform in its structure in order to strengthen governance, the fight against money laundering and financing of terrorism, investment in innovative technology, and strengthening of human resources. Mr Cuschieri added that the Authority would continue to improve its supervisory commitments with the aim of safeguarding Malta’s reputation as a jurisdiction of quality for financial services.

 

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