Kenneth Farrugia, CEO of the Malta Financial Services Authority, is “acutely aware” of the responsibilities that come with his position, and promises to “work tirelessly” to ensure that the authority continues to be “a trusted and respected regulator that fosters innovation, growth, and stability in the financial services sector”.

In his message in the regulator’s annual report, Mr Farrugia, who took the helm in April 2023 following a stint as Director of the Financial Intelligence Analysis Unit (FIAU), said that he feels “both humbled and excited” with his appointment.

He noted that despite the ongoing impact of the COVID-19 pandemic and the war in Ukraine on the global economy, the financial services industry in Malta remained resilient during 2022, describing the growth in employment of 26 per cent as “an indicator of its strong performance and contribution to the country’s economy”.

Commenting on current trends in the sector, Mr Farrugia said that the MFSA has been “actively promoting sustainable finance in Malta through the setting up of a dedicated sustainable finance policy team and by issuing multiple circulars that outline the requirements that need to be met by institutions.”

A “critical” part of the transition to a more sustainable financial system, he said, is the accelerated shift towards digital financial services, and assured stakeholders that the MFSA “recognises the importance of embracing innovation and digitalisation while ensuring that risks are appropriately managed.”

With regards to money laundering and terrorist financing, Mr Farrugia stated that Malta’s removal from the FATF’s grey list in June 2022 was “a testament to the hard work and collaboration of all stakeholders involved”.

“The Authority is committed to continue contributing to the fight against financial crime, including through close cooperation with the FIAU and other competent authorities.”

Looking ahead, the MFSA’s vision is to be a “proactive, risk-based and technology-driven regulator”, said the CEO.

“We not only intend to communicate our plans to all impacted stakeholders, but we will also work closely with other governmental entities and the private sector to gauge their opinions and expertise at hand.”

The authority’s strategic statement for the years ahead focuses on five key objectives: delivering agile and proactive regulation; sustaining a resilient, internationally networked financial sector; promoting good governance and compliance; embracing innovation, and engaging with the public.

“We will commit to achieving these objectives in the next three years through a set of defined milestones – through these, we are also ensuring that we are aligned with the strategy launched by the Malta Financial Services Advisory Council (MFSAC) a few months ago.

“Coordination with other governmental authorities and other players in the sector will ultimately increase our efficiency and effectiveness in the way the jurisdiction is regulated, all the while ensuring the sustainable growth of the financial services industry.”

He concluded: “As we continue to strive towards bringing our vision to fruition, we remain humble and open to collaboration so that we may continuously identify areas for further growth and development.”

Featured Image:

Bernard Polidano


‘While TCNs tend to reduce wage pressures, businesses & institutions must incur other non-wage costs’

23 September 2023
by Rebecca Anastasi

Konnekt COO Lara Camilleri takes part in a feature that first appeared on Business Now magazine delving into the impacts ...

A work-life balance isn’t a ‘luxury’, but a ‘necessity’, says The Growth Bully CEO Stephen Ellul

22 September 2023
by Fabrizio Tabone

Having been sick three times in the past two months, he had to rely on the company’s team to step ...

Sustainability challenges can appear ‘insurmountable’ without collaboration – MIA CEO Alan Borg

22 September 2023
by Fabrizio Tabone

During 2022, the amount of clean energy generated by the airport increased by 53.2% from the previous year to a ...

Anton Borg and Kristina Christie resign from Impresa Ltd Executive Directorship roles

22 September 2023
by Fabrizio Tabone

Matthew Borg also resigned from his position as Non-Executive Director of the company.

Close Bitnami banner