The Malta Financial Services Authority (MFSA) has issued its audited financial statements and annual progress report for the year 2019. The report highlights the major projects that the MFSA pursued in 2019. Here are some of the key developments.
A key highlight was that MFSA launched its Vision 2021, with a new FinTech strategy and a 3- year strategic plan 2019-2021. It implemented many International Monetary Fund (IMF) and MONEYVAL reform programmes as wells as its Technology and Data Management transformation programme. Additionally, the MFSA spearheaded a risk-based supervisory programme and instituted a new Financial Crime Compliance (FCC) Team. Moreover, the MFSA’s new fee policy framework will help it become self-funded by 2024-2025.
According to Joseph Cuschieri, CEO of the MFSA, the top priority moving forward will be to implement the reform programme approved by the IMF and MONEYVAL. The MFSA will also work to safeguard the financial interests of those affected by the COVID-19 crisis. Ensuring the financial stability of the nation is also a crucial task that the organization is set to undertake. Many new changes are underway, including new strategies for capital markets, asset management, FinTech, cybersecurity and others.