MFSA with a mandate to improve supervision and strengthen enforcement next year
Finance Minister Clyde Caruana said that the fact that Malta is on FATF’s grey list, is an opportunity to stop practices that the country has endorsed for a long time, and instead high standards are reached, similar to other Western countries.
During a vist to the Malta Financial Services Authority’s offices, Minister Caruana introduced the authority’s new chief executive, Irishman Joseph M Gavin who said that MFSA’s mandate for next year is to improve supervision and to strengthen enforcement.
Minister Caruana stated that the Government wants a successful financial sector that will continue to grow both in human resources and in the value added aspect. He said that the government’s vision is to create wealth in a way that a person not only attends to work, but also that the job is satisfactory.
The Finance Minister expressed the view that the FATF greylisting is also an opportunity for the country to remove certain long-time practices. “The time has come that we grow as a country, develop and reach standards that certain other Western countries have. I think this country will gradually move in that direction”.
MFSA’s chief executive Gavin said that first of all, the authority has a role of being an effective regulator of the financial sector. “But secondly I think we need to work in close collaboration with each of the FIAU, the Commission for Police and the National Coordination Comittee, to assist to move beyond this phase.”
He added that the industry has to realise that enforcement has its teeth.
Joseph M Gavin was appointed as the Authority’s chief executive after MFSA’s board issued an internatinal call for Maltese and foreigners. The selection was made among 60 applicants following a two-month scrutiny process. Minister Caruana said that with experience at Ireland’s Central Bank and in financial services, it was decided that Mr Gavin is the best candidate for this post for the coming three years.
MFSA chairman, John Mamo, expressed the hope that the country will quickly return to the status of a jurisdiction of excellence.