New Malta financial services head promises reforms

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The new chief executive officer at the Malta Financial Services Authority has promised sweeping reforms in the region.

Joseph Cuschieri, who was recently appointed to the post – controversially to some – from his previous position at the Malta Gaming Authority, told local reporters that the MFSA needs to learn from the “Pilatus Bank experience”, where the bank’s Iranian owner was arrested by US authorities over alleged sanctions busting and money laundering.

According to a report in the Times of Malta Cuschieri says he wants to focus on repairing damage reports and “will not shy away from the situation”.

The new post of CEO was not in the original MFSA law but the Maltese government changed the rules so that there is now a non-executive chairman, which means, Cuschieri heads the operation.

Cuschieri told Times of Malta that following the transformation he carried out at the gaming watchdog it was now time to do the same at the MFSA. He highlighted that MFSA is “understaffed” and that there are over 80 vacancies at the organisation, although only one vacancy is advertised on its website.

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Gary Robinson

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