Financial Crime World

MALTA FINANCIAL SERVICES REGULATION STRATEGY DOCUMENT LAUNCHED

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In a significant move aimed at bolstering Malta’s position in the global financial services sector, the Malta Financial Services Advisory Council (MFSAC) has launched its long-term strategy document. This comprehensive plan is designed to strengthen Malta’s financial services industry and drive growth in other sectors that rely on it.

Strategy Development

The strategy was developed through a collaborative effort involving nine working groups comprising representatives from various stakeholders, including regulators, industry players, and government agencies. These groups focused on specific areas such as:

  • Banking and payments
  • Insurance and pensions
  • Capital markets
  • Wealth management
  • Fintech and AI
  • Bureaucracy
  • Taxation
  • HR and education
  • Sustainable finance

Initiatives for Growth

The document outlines 177 initiatives aimed at transforming Malta’s financial services sector into a digitally enabled, user-friendly system that can compete effectively in the global market. These initiatives include:

  • Improving regulatory frameworks to adapt to changing circumstances
  • Leveraging smart technologies to enhance competitiveness
  • Enhancing customer experience through digitalization
  • Promoting sustainable finance practices

Malta’s Response to Greylisting

Malta’s response to being greylisted by the Financial Action Task Force (FATF) in July 2021 serves as a testament to the country’s ability to address challenges promptly. The swift action taken by the authorities, including collaboration across stakeholders, resulted in Malta being removed from the greylist by June 2022.

Aiming for Global Competitiveness

The MFSAC strategy acknowledges that Malta’s capabilities have been surpassed by other countries that have leveraged smart technologies to gain a competitive edge. The document highlights the need for Malta to reassert its presence in the global financial services market and capitalize on its unique European perspective.

Conclusion

The launch of the strategy marks an important milestone in Malta’s efforts to modernize its financial services sector and position itself as a leader in this field. The plan is expected to drive growth, create new opportunities, and enhance the country’s attractiveness to international investors and businesses.