MFSA monitoring Vitals corruption case but no action yet on ‘approved persons’

The Malta Financial Services Authority is monitoring those individuals charged in the Vitals corruption case and who are considered approved persons in the financial services sector.

However, the MFSA has taken no action yet and approved persons who have been charged are still considered “fit and proper”, MFSA CEO Kenneth Farrugia told MaltaToday.

However, the authority is monitoring court proceedings to determine whether developments in the case warrant action to be taken, he added.

“This is the procedure the MFSA always adopts whenever an approved person is charged in court; we monitor the goings on of the case and take decisions according to how it develops,” Farrugia said.

The Vitals corruption case has seen scores of individuals and companies being charged in court with various criminal offences, including fraud, money laundering and conspiracy to form a criminal organisation. The charges are not all the same for everyone.

Among those facing the more serious charges are former prime minister Joseph Muscat, former minister Konrad Mizzi and former OPM chief of staff Keith Schembri.

Lesser charges have been filed against Central Bank Governor Edward Scicluna, in his capacity as former finance minister, and former deputy prime minister Chris Fearne.

However, several other individuals have also been charged, including lawyers, accountants and company directors.