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Malta’s Financial Regulatory Bodies Unveil National Strategy for Financial Services

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The Malta Financial Services Advisory Council (MFSAC) has launched its National Strategy for Financial Services, a comprehensive plan aimed at strengthening the country’s position as an international financial centre. The strategy was developed in collaboration with industry stakeholders and regulatory bodies, and is designed to drive growth and innovation in Malta’s financial services sector.

A Comprehensive Plan for Growth and Innovation

The strategy was developed by over 100 professionals working together to identify tangible changes that will improve Malta’s performance in the sector. The core principles of the strategy are anchored around:

  • Speed: Enhancing efficiency and agility in regulatory processes
  • Standards: Establishing robust standards for financial services
  • Simplification: Streamlining regulatory requirements and processes
  • Specialisation: Fostering specialization in specific areas of financial services
  • Sustainability: Ensuring long-term sustainability of the sector

Strategic Priorities

The strategic priorities of the strategy include:

  • Streamlining regulatory processes
  • Building a national payments infrastructure
  • Consolidating identity management
  • Enabling financial services law reform and harmonization
  • Modernizing Malta’s tax structure
  • Developing the country’s talent pool in the financial services industry

The strategy also includes 175 initiatives developed with the input of professionals from various sectors.

Collaboration and Representation

The MFSAC working groups included representatives from regulatory bodies such as:

  • Financial Intelligence Analysis Unit (FIAU)
  • Malta Financial Services Authority (MFSA)
  • Malta Business Registry (MBR)

As well as private sector organizations like:

  • Malta Bankers Association
  • Malta Institute of Accountants
  • Institute of Financial Services Practitioners

Challenges and Opportunities

Malta has faced significant challenges in recent years, including being grey-listed by the Financial Action Task Force in 2021. However, following swift action from the government and regulatory bodies, Malta was removed from the list in June 2022.

MFSAC Chairman Joseph Zammit Tabona emphasized that the strategy is a crucial step towards re-asserting Malta’s presence in a globally competitive marketplace. FinanceMalta Chairman George Vella also expressed support for the strategy, saying that it demonstrates the industry’s commitment to keeping Malta at the forefront of financial services.

Accessing the National Strategy

The public can access the National Strategy for Financial Services on the FinanceMalta website.