Head of Malta's regulator resigns following expenses scandal

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Head of Malta's regulator resigns following expenses scandal

Joseph Cuschieri has stepped down as CEO of Malta's Financial Services Authority (MFSA) after a trip to Las Vegas sparked an expenses scandal on the island.

The finance ministry confirmed earlier today it had accepted his resignation.

Cuschieri had already suspended his duties as CEO after reports surfaced in the Times of Malta detailing his visit to a Las Vegas casino in 2018. He was accompanied by the owner of the casino, Yorgen Fenech, who paid for the trip's expenses.

Earlier this year Fenech was charged with complicity in the murder of Daphne Caruana Galizia in 2017.

In a resignation letter dated 25 November, Cuschieri said he wanted to, "avoid any unnecessary media attention and external pressures at such a critical juncture" but that his decision to step aside "should in no way be interpreted as an admission of any wrongdoing and/or misconduct."

He added: "I came to this conclusion following a period of deep reflection - that in the circumstances it is both in the interest of the Authority and myself to part ways."

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.