Malta's Financial Services Sector Expands In 2015
by Amanda Banks, Lowtax.net, London
07 June, 2016
Malta's financial services system continued to expand in terms of size, reputation, and attractiveness in 2015, according to the recently released Annual Report of the Malta Financial Services Authority.
The Authority said the growth was "backed by a resilient regulatory framework, prudential supervision, consumer protection, and strong money laundering prevention mechanisms."
The bulk of new licences issued by the Authority in 2015 were in the area of payment services, electronic money, and alternative investment management sectors.
Malta Financial Services Authority Chairman, Joe Bannister, said that while "the world economy stumbled in 2015 [...] it was a different story in Malta where the economy experienced impressive growth, with financial services playing an important role in that. The Malta Financial Services Authority ensured good governance but also underwent major internal restructuring to make it future proof. This was a year in which the Malta Financial Services Authority continued to strengthen the regulatory and supervisory regime. It was a year of robustness and results."
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