Kenneth Farrugia appointed MFSA CEO

Kenneth Farrugia has been appointed as the new Chief Executive Officer of the Malta Financial Services Authority.

The MFSA said the board took note of the several changes in the leadership of the authority that took place over the last years and acknowledged that these were not beneficial for the Authority.

The board agreed the appointment of the right person to lead the MFSA over the coming years was a matter of urgency while opting out of public calls for applications as “previous open and international call for applications had also not been beneficial to the authority.”

It said the board noted how the leadership changes over the past years had not been in the MFSA’s best interests.

The board concluded that Farrugia has the right skills to provide the necessary impetus to implement the changes and reforms required by the organisation going forward.

“Farrugia has extensive experience in leadership, with previous appointments as Director General at the Internal Audit and Investigations Department (IAID) and as Director of the Financial Intelligence Analysis Unit (FIAU),” the statement read.

The MFSA said Farrugia is also very well regarded at an international level by a number of supranational authorities including the European Commission, European Banking Authority, Egmont Group of Financial Intelligence Units and MONEYVAL, and “has been acclaimed by the US government for his achievements and integrity.”

“He is also highly regarded by the wider community of industry stakeholders in Malta, which is considered essential for the MFSA,” it said.

The Board thanked Michelle Mizzi Buontempo, who held the position of Acting Chief Executive Officer for the past months, and was “instrumental” in the publication of the Authority’s latest Strategic Statement.