As the exodus of licensed firms from Malta continues, the Malta Financial Services Authority (MFSA) has published its financial statements. Contrary to previous years, it did not promote this event much. The Government of Malta had to make good for the loss incurred by the MFSA. In 2021, the Maltese taxpayers’ forked out some €16.7 million. Previously in 2020, that contribution towards MFSA was €21.5 million.
Whilst the number of firms renouncing their Malta license exploded, the number of employees engaged by MFSA during 2021 increased by 33. The total employee costs resulted in €19.3 million, up by more than €1.1 million from the previous year. Other so-called “administrative expenses” shot up to €4.9 million.
The Governors at MFSA pocket some €96,000 in total between them. That is less than the salary that disgraced Edwina Licari enjoys – €100,000 per year. She was hand-picked by her friend and travel companion, the former CEO Joseph Cuschieri, who resigned in disgrace.
The present CEO Joseph Gavin has also gone absent for no reason. The former acting CEO Christopher Buttigieg is facing serious accusations in courts by a local licensed firm.
In a 128-page flashy report, MFSA failed to mention that more than a hundred licensed firm surrendered their licenses since Malta got grey listed by FATF in 2021.
