Malta’s financial regulator issued a record 19 administrative penalties amounting to €975,462 last year.

According to information tabled in parliament on Monday, the Malta Financial Services Authority levied €2.8 million worth of fines between 2011 and 2020. 

No fines were issued in 2013 and 2015, information tabled by Finance Minister Clyde Caruana shows. 

Caruana announced earlier this month that a group of experts will be tasked with reviewing the operations and fine structures of both the MFSA and the Financial Intelligence Analysis Unit following complaints from the industry. 

After years of criticising the lack of regulatory intervention in the sector, the Opposition expressed agreement with the need to keep such fines proportionate. 

Malta’s anti-money laundering regime is in the spotlight following a critical Moneyval assessment about efforts to combat financial crime. 

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