This week, Parliament approved financial services legislative amendments aiming to [i] Strengthen the Authority’s governance structures, [ii] Support the Authority’s focus on financial crime compliance, higher supervisory standards, risk management, and innovation [iii] Increase efficiency: streamlining of the decision making processes paving the way for a refreshed leadership framework focusing on clarity of responsibilities and accountability.
In line with its Vision 2021, the Malta Financial Services Authority (‘MFSA’) has embarked on a restructuring exercise with the aim of becoming a more robust and forward-looking financial supervisor.
The main changes include the establishment of an(a):
- Executive Committee,
- Enforcement Decisions Committee,
- Enforcement Directorate,
- Specialised unit/team focused on Financial Crime compliance,
- Anti-Money Laundering & Financing of Terrorism (AML/CFT) co-ordination Committee,
- Risk Committee,
- Financial Services Stakeholder Panel.
Further information on these changes is provided in the Annexes to the Media Release. Both Acts provide for transitory arrangements in order to ensure a seamless transition. These arrangements will ensure that past decisions, measures or acts continue to apply.
