The MFSA has named Kenneth Farrugia as the new head of regulation.
The announcement stated that the new CEO was appointed urgently to bring in the ‘right person’. It also pointed out that the recent changes in leadership had not been successful.
The MFSA, stated:
The Board acknowledged… 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
In September 2020, Joseph Gavin was appointed as the CEO of the MFSA. However, after a few months, he was no longer able to fulfill his duties, and Dr Buontempo stepped in as the temporary leader in mid-June 2022. Gavin returned at the end of July 2022, but resigned in September, allowing Dr Buontempo to become the interim CEO again.
The MFSA board now considers Farrugia the ideal candidate for the CEO position due to his extensive background in leadership. He previously served as Director General of the Internal Audit and Investigations Department (IAID) and Director of the Financial Intelligence Analysis Unit (FIAU).
The MFSA, added:
Mr Farrugia is technically very well prepared and has exceptional organizational development skills
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