Parliament has approved financial services legislative amendments aiming to strengthen the Malta Financial Services Authority's governance structures, support its focus on financial crime compliance, higher supervisory standards, risk management, and innovation, the Authority said in a statement Friday.

It also aims to increase efficiency: streamlining of the decision making processes paving the way for a refreshed leadership framework focusing on clarity of responsibilities and accountability.  

In line with its Vision2021, the MFSA said it has embarked on a restructuring exercise with the aim of becoming "a more robust and forward-looking financial supervisor".

The main changes include the establishment of an(a):

1)      Executive Committee,                                      

2)      Enforcement Decisions Committee,

3)     Enforcement Directorate,

4)      Specialised unit/team focused on Financial Crime compliance,

5)     Anti-Money Laundering & Financing of Terrorism (AML/CFT) co-ordination Committee,

6)      Risk Committee,

7)     Financial Services Stakeholder Panel.

Both Acts passed by Parliament provide for transitory arrangements in order to ensure a seamless transition. These arrangements will ensure that past decisions, measures or acts continue to apply, the MFSA said.