A hand-picked appointment for the role of Malta Financial Services Authority CEO does not bode well for the independence of the institution, the Opposition said on Saturday.  

While wishing success to Joseph Cuschieri for his new role, the Nationalist Party said the authority needs to restore its transparency and autonomy in the manner appointments are being made.

Read: Joseph Cuschieri is new MFSA CEO

"Malta's reputation is key for the sustainability of this sector. For the past year, Malta's reputation has been under the spotlight in the wake of the Panama Paper leaks coupled with further revelations on government's apparent disregard for the rule of law," said spokesperson Kristy Debono.

The PN has repeatedly advocated the need to consolidate Malta's position in financial services through the strengthening of the regulatory authority, for the further development of Malta's financial sector and for the need to consolidate its position in the financial services, she added.

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