Kenneth Farrugia has been newly appointed as the Chief Executive Officer of the Malta Financial Services Authority Act, coming into effect from 12th April.

In its announcement, the MFSA’s board said that a number of leadership changes over the last years had not been “beneficial” for the authority, and they were now keen on appointing “the right person” urgently.

“The Board acknowledged also that the previous open and international call for applications for the position of Chief Executive Officer had not benefited the Authority to the desired extent, and agreed that a public call for applications for the post of Chief Executive Officer would not be in the best interests of the Authority at this point in time,” it said, deciding on Farrugia.

Farrugia was described as having “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)”.

“Farrugia is well known for his achievements and for successfully carrying out major reforms and strengthening both authorities,” the MFSA continued. “Farrugia is technically very well prepared and has exceptional organisational development skills. He is also personally 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.”