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In 2018, Joseph
Cuschieri was appointed as CEO of the Malta Financial Services Authority. He started his position accompanied by his close friend Edwina Licari, and during their time at the MFSA, they had more than 35 “business trips” together, where €0.5 million from taxpayers’ money were spent. In
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to withdraw
Pilatus Bank's licence. In July of the same year, Pilatus Bank's depositors threatened to sue the MFSA for freezing €80 million in funds held by innocent victims. In October, the bank's directors followed with their own lawsuit to the MFSA. In November 2018, the bank's European licence
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The MFSA has the powers to regulate, monitor, and supervise the financial sector of Malta, protecting the interests of the consumers and promoting the market transparency and efficiency. It has the powers to review business practices, advise the government on policies, and to investigate potential
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565:"The MFSA publishes its 2018 Annual Report & Financial Statements: A challenging year marked by change and a 9.5% growth in the Maltese financial services sector"
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due to anti-money laundering concerns. The freeze resulted in vocal criticism of the bank's account holders. The bank is co-owned by
Christo Georgiev, the owner of
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734:"Updated (3): Las Vegas trip: MFSA CEO, general counsel self-suspend; lawyer quits FIAU board - The Malta Independent"
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639:"Registry of Companies to be first agency in the world run by a Blockchain-based system - The Malta Independent"
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In August 2019, the Malta
Financial Services Authority became embroiled in scandal after paying €150,000
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2020, Joseph
Cuschieri decided to resign from the role due to the revelations of his closeness with
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689:"MFSA's Edwina Licari And Joseph Cuschieri Splashed Malta's Taxpayers' Monies! | FinTelegram News"
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293:. Edwina Licari still works at MFSA as a General Counsel with a high annual salary of €100,000.
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role and duties. The
Registry of Companies is now a stand-alone agency and is now known as the
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department director, George
Spiteri, who later was rehired for a similar position by the
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758:"MFSA scandal: Details emerge on Cuschieri's intervention to give Licari €100,000 job"
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The MFSA was demerged from the
Registry of Companies in 2018 in order to focus on its
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664:"Controversy follows MFSA after it comes under fire for poor regulatory oversight"
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709:"MFSA's Joseph Cuschieri and Edwina Licari self-suspend over Las Vegas trip"
428:"Financial services regulator wants Malta to play in the 'Champions League'"
376:"Financial Services Centre to become sole regulator of the financial sector"
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178:. The MFSA was founded in 2002 when it assumed the responsibilities of the
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779:"Authorities seize control of bank at center of Malta corruption scandal"
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for poor regulatory supervision of the
Maltese financial institutions.
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953:"MFSA Keeps Satabank Clients In The Dark About Their Frozen Deposits"
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926:"Customers' money trapped at UK fintech due to Malta bank freeze"
978:"MFSA official paid thousands to leave… re-employed weeks later"
813:"Malta asks ECB to withdraw license of scandal-hit Pilatus Bank"
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343:, which had branched out of the MFSA just a few weeks earlier.
286:, the main suspect behind the assassination of journalist and
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Kirchgaessner, Stephanie; Garside, Juliette (2018-03-22).
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List of financial regulatory authorities by jurisdiction
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harmful and unfair practices in the financial industry.
186:, and the Malta Financial Services Centre. It regulates
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European
Insurance and Occupational Pensions Authority
893:"Malta's Pilatus Bank has European licence withdrawn"
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International Organization of Securities Commissions
843:"Pilatus depositors threaten to sue MFSA over €80m"
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245:International Association of Insurance Supervisors
271:In June 2016, the MFSA drew criticism from the
320:In October 2018, the MFSA froze the assets of
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27:Awtorità għas-Servizzi Finanzjarji ta’ Malta
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924:Megaw, Nicholas; Crow, David (2018-10-25).
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589:"Financial watchdog made €7m loss in 2018"
1039:Financial regulatory authorities of Malta
237:European Securities and Markets Authority
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296:In March 2018, the MFSA took control of
1034:Government agencies established in 2002
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136:Malta Financial Services Authority Act
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312:. Later, in June, the MFSA asked the
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1044:European Single Resolution Mechanism
868:"Pilatus Bank's directors sue MFSA"
164:Malta Financial Services Authority
22:Malta Financial Services Authority
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317:has been withdrawn by the ECB.
267:Notable cases and controversies
60:Malta Financial Services Centre
976:Camilleri, Ivan (2019-08-25).
891:Osborne, Hilary (2018-11-05).
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1029:2002 establishments in Malta
819:. 2018-06-30. Archived from
426:Sansone, Kurt (2019-02-06).
227:The MFSA is a member of the
16:Financial regulator of Malta
951:Diacono, Tim (2018-10-26).
866:Martin, Ivan (2018-10-07).
841:Martin, Ivan (2018-07-22).
544:"IAIS Organisation members"
523:"Ordinary Members of IOSCO"
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662:Scott, Matt (2016-06-20).
229:European Banking Authority
83:Central Business District,
403:"MFSA Annual Report 2018"
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306:sanctioned Iranian money
288:anti-corruption activist
618:Malta Business Registry
341:Malta Business Registry
261:Malta Business Registry
223:International relations
738:www.independent.com.mt
643:www.independent.com.mt
310:Daphne Caruana Galizia
314:European Central Bank
180:Central Bank of Malta
103:€26m (yearly average)
81:Triq l-Imdina, Zone 1
823:on December 14, 2019
687:tamir (2022-08-12).
308:was exposed by late
184:Malta Stock Exchange
172:financial regulator
114:John Mamo, Chairman
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499:"MFSA Vision 2021"
408:. MFSA. 2019-07-12
208:securities markets
121:), Chief Executive
715:. 30 October 2020
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985:. Retrieved
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897:The Guardian
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821:the original
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784:The Guardian
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620:. 2019-06-09
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386:. Retrieved
384:. 2002-06-04
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298:Pilatus Bank
295:
280:
276:Sven Giegold
270:
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217:
167:
163:
161:
129:Key document
118:
78:Headquarters
68:Jurisdiction
49:23 July 2002
18:
614:"About MBR"
454:"John Mamo"
433:Malta Today
1023:Categories
987:2019-09-16
962:2019-09-16
937:2019-09-16
910:2019-09-16
877:2019-09-16
852:2019-09-16
827:2019-09-16
798:2019-09-16
763:2022-11-22
743:2022-11-22
719:2022-11-22
694:2022-11-22
673:2019-09-16
648:2020-07-13
624:2020-07-13
599:2020-07-13
574:2020-07-13
550:2019-09-15
529:2019-09-15
508:2019-09-15
481:2019-09-15
475:"About us"
460:2019-09-15
439:2019-09-15
412:2019-09-15
388:2019-09-15
359:References
304:scheme of
257:regulatory
243:, and the
210:in Malta.
192:investment
86:Birkirkara
905:0261-3077
793:0261-3077
333:severance
328:startup.
200:financial
196:insurance
92:Employees
347:See also
322:SataBank
251:Demerger
119:incoming
817:Reuters
525:. IOSCO
335:to its
263:(MBR).
204:pension
188:banking
145:Website
903:
791:
546:. IAIS
504:. MFSA
477:. MFSA
456:. MFSA
326:LeoPay
239:, the
235:, the
231:, the
214:Powers
182:, the
46:Formed
502:(PDF)
406:(PDF)
176:Malta
152:.mfsa
72:Malta
901:ISSN
789:ISSN
569:MFSA
168:MFSA
162:The
273:MEP
174:of
154:.mt
150:www
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