Following the study realized in 2019 by the Malta Financial Services Authority (MFSA) with the licence holders and taking into account the international institutions and standard setters’ recommendations, the MFSA published its strategic plan for 2019-2021.
The international institutions and standard setters who helped MFSA in on-board recommendations are The International Monetary Fund (IMF), Moneyval, rating agencies, the European Commission, the European Central Bank and the European Banking Authority.
This plan concern priorities linked to financial and technologies evolution, and new international rules to respect.
The goal of this plan is focused on these points:
- Enforce the position of MFSA on financial market
- Avoiding, discovering and tackling instances of money laundering, financial crime and the financing of terrorism
- Helping company to make choice on specific sectors and safe the local market face to actual and future risks
- A new function that will carry about stability, analyse and cybersecurity will be created
- The investment will be done in business intelligence, knowledge management, cybersecurity measures and new analytical tools
- Financing of 12 million euros in the technology development over the next three years to don’t miss opportunities linked to fintech evolution
- To improve the organisation and the capacity of the MFSA face to local market defaults
- Protect the consumer’s interest with education
Meanwhile, the Authority is working on a new 5-Year Business Plan which foresees reform in the financing model of the MFSA in order to safeguard its long-term sustainability as well as equipping the Authority with adequate resources to implement its mandate. The goal is to transform the MFSA into a self-funded organisation by 2024. This include the creation of new fees related to the service that was free, and an adjustment of the authorisation and supervisory fees.