Despite all the criticism against the country’s financial services sector, Malta should not adopt a siege mentality, said Prime Minister Joseph Muscat.
During his address at the Institute of Financial Services' (IFS) annual seminar in St Julian’s, Dr Muscat said financial operators in Malta should help out by engaging with these critics whilst being abroad.
“We have to admit that our financial services are being kept under close watch at the moment,” Dr Muscat said. “Nonetheless, we have to speak out and engage to show how much our systems are transparent and compliant with all the legislations and regulations involved.”
This work cannot be done solely by the Government, the Prime Minister remarked.
Dr Muscat also spoke about the restructuring process that the Malta Financial Services Authority (MFSA) will embark on in the coming weeks. He said that proposals in this regard will be tabled in Parliament for discussion.
Dr Muscat concluded by saying that such an overhaul would certainly continue to solidify Malta’s financial services.