Malta’s Financial Sector Urged to Embrace Collaboration in Compliance Efforts

Malta’s financial authorities are emphasizing the importance of collaboration between regulators, industry practitioners, and government partners in the fight against financial crime. According to Matthew Scicluna, Head of Financial Crime Compliance at the Malta Financial Services Authority (MFSA), effective compliance requires a collective effort to safeguard the integrity of markets and maintain stability within the sector.

The Need for Collaboration

The MFSA recently hosted a conference on Financial Crime Compliance: A Global Outlook, which brought together local and international regulators to share best practices in combating financial crime. The event highlighted the need for cooperation between different competent authorities, including:

• The National Coordinating Committee on Combating Money Laundering/Financing of Terrorism (NCC)
• The Financial Intelligence Analysis Unit
• The Malta Business Registry

Corporate Governance and Compliance Culture

Scicluna emphasized that corporate governance and a sound compliance culture are essential components of an institution’s financial crime compliance programme. “The pace of change in the financial sector can feel daunting, but as a regulator, I am encouraged by the industry’s commitment to work together to make Malta a secure place to do business,” he said.

The MFSA’s Role

The conference also stressed the importance of the MFSA’s role as gatekeeper to financial services in Malta, as well as its partnerships with other regulators and stakeholders in the Maltese anti-money laundering and combating the financing of terrorism (AML/CFT) regulatory regime. The authority licenses over 2,000 entities operating in the financial sector and is committed to safeguarding the integrity of markets and maintaining stability within the industry.

Vision 2021

The MFSA’s mission, as outlined in its Vision 2021, is to enhance its position as an independent, proactive, and trustworthy supervisory authority, aiming to protect consumers and maintain stability in the financial sector. As Malta’s financial landscape continues to evolve, effective compliance will remain a critical factor in ensuring the country’s reputation as a secure and attractive destination for financial services.

Conclusion

In conclusion, collaboration between regulators, industry practitioners, and government partners is crucial in the fight against financial crime. The MFSA’s commitment to safeguarding the integrity of markets and maintaining stability within the sector will continue to play a vital role in Malta’s financial landscape.