Government ‘on the lookout’ for threats to financial services sector

Economy Minister Chris Cardona has pledged to continue working and building on the successes obtained in the financial services sectors under a Nationalist administration.

Addressing the launch of the new sector guides by FinanceMalta, Cardona said a Labour government was committed to consolidate the sector, especially after the success the sector has already made.

"The financial services sector has registered significant growth over the past years, mostly driven by a highly skilled workforce, a regulatory framework and a supporting infrastructure.

"We will continue sustaining this momentum. But to do so, we have to safeguard the industry's reputation - a critical issue for the sector to grow and prosper."

Cardona said that this would not only enhance Malta's reputation in European fora but also internationally.

Edward Zammit Lewis, parliamentary secretary for competitiveness and economic growth, added that a Labour government would work hand in hand with FinanceMalta in a bid to explore more sectors that would be beneficial for Malta.

"A change in administration doesn't mean we carry out fundamental changes but that we will be on the look out for any threats that could hinder this industry."

Fielding questions on the prospect that Malta may see an influx of funds being transferred from Cyprus to Malta, Zammit Lewis added that the government would be more attentive to influx of funds to Malta which could be of "dubious nature".

"We already have a solid regulator that is attentive and on the look out for any threats," he assured.

FinanceMalta, the public-private partnership set up to promote Malta's financial services sector, today launched the five new Sector Guides in response to heavy international demand for information about Malta's international financial centre.

Chairman Kenneth Farrugia and Business Development Head Bruno L'ecuyer explained that these five guides were part of the PPP's initiatives aimed at attracting business to Malta via the sector-driven guides und the Credit and Financial Institutions, Insurance and Pensions, Investment Funds and Asset Management, Trusts and Foundations and Wealth Management.