Reimagined, renewed and refashioned: Malta is transforming its finance centre and unlocking a wave of new opportunities. The Malta strategy is to outmanoeuvre incumbent finance centres by harnessing its nimbleness and coupling it with digital financial innovation to deliver new product lines and a path to faster and more sustainable growth.
Malta should sustain its growth by offering new solutions to the challenges it encounters whilst keeping abreast and in compliance with international and European regulation, says Franklin Cachia, Senior Manager Tax & Regulated Industries at CSB Group.
Malta’s AML reputation reached a low ebb following the European Banking Authority’s (EBA) call for an overhaul of the Financial Intelligence Analysis Unit (FIAU)’s AML/CFT supervisory processes. In under a year, the FIAU has worked with the EBA to implement all their recommendations, which has led to a complete root-and-branch reform of the agency. MaltaProfile spoke to FIAU Director Kenneth Farrugia and his deputy Alfred Zammit.
Regulation is an important component of a finance centre's success, but at the core, Malta’s finance sector needs increased focus on good governance, and not overregulation, says Dr Priscilla Mifsud-Parker.