MFSA Names Kenneth Farrugia because the New CEO

The Malta Monetary Companies Authority (MFSA) has introduced the appointment of Kenneth Farrugia as the brand new regulatory Chief Government Officer, efficient from 12 April. He’ll substitute Dr Michelle Buontempo, who’s holding the place in an performing capability.

Management Disaster in MFSA

The official announcement detailed that the newest CEO appointment was an pressing measure to usher in the ‘proper particular person’. Moreover, the authority highlighted that the management modifications over the previous few years haven’t been ‘useful.’

“The Board acknowledged… that the earlier open and worldwide name for functions for the place of Chief Government Officer had not benefited the Authority to the specified extent, and agreed {that a} public name for functions for the submit of Chief Government Officer wouldn’t be in the perfect pursuits of the Authority at this cut-off date,” the MFSA acknowledged.

Beforehand, the MFSA onboarded Joseph Gavin because the CEO in September 202. Nonetheless, he grew to become ‘indisposed’ inside months, placing Dr Buontempo quickly in cost in mid-June 2022. Although Gavin returned on the finish of July 2022, he stepped down in September, as Dr Buontempo quickly took over the apex place once more.

Gavin’s brief tenure with the MFSA got here after the resignation of Joe Cuschieri, who was caught touring to Las Vegas with a homicide suspect.

Farrugia to Repair the Fame

The MFSA board now believes Farrugia to be an ideal match for the CEO function, as he brings years of in depth management expertise. Earlier, he was the Director Common of the Inner Audit and Investigations Division (IAID) and the Director of the Monetary Intelligence Evaluation Unit (FIAU).

“Mr Farrugia is technically very effectively ready and has distinctive organizational growth expertise,” the MFSA added.

“He’s additionally personally very effectively regarded at a world degree by quite a lot of supranational authorities, together with the European Fee, European Banking Authority, Egmont Group of Monetary Intelligence Models, and MONEYVAL, and has been acclaimed by the US authorities for his achievements and integrity. He’s additionally extremely regarded by the broader group of trade stakeholders in Malta, which is taken into account important for the MFSA.”

This text was written by Arnab Shome at www.financemagnates.com.