The chief executive of the Malta Financial Services Authority (MFSA) came under fire this week after it was revealed that he had accepted the hospitality of a businessman who is currently in custody.
Casino owner Yorgen Fenech is being investigated over his alleged involvement in the murder of journalist Daphne Caruana Galizia, who led the Panama Papers investigation into corruption in Malta.
Joseph Cuschieri was head of Malta’s gaming regulator before joining the MFSA in 2018.
He was invited to Las Vegas by Fenech, who is understood to have covered all costs and expenses, to talk about regulatory matters regarding the gaming industry.
International Adviser reached out to the MFSA but did not receive a comment.
Loss of confidence
David Casa, member of the European Parliament for Malta, criticised Cuschieri; stating that he believes the island’s financial services industry has already suffered from the numerous scandals of the past few years.
He told IA: “The financial services industry is an essential one in Malta that employs thousands of people. It has become a backbone in our economy, especially over the past 20 years.
“However, this industry lives and dies by its reputation. Trust in serious, professional management is everything, and if or when this confidence is lost, local businesses and in turn people’s employment will suffer.
“Many cases over the past few years have in fact severely dented this confidence, with too many concerns having been raised on money-laundering and corruption involving government officials and close allies of the Labour Party.
“The last thing needed of this regulator – which is there to run a serious and professional industry – during such testing times, is its CEO jetting off to all-expenses paid holidays at Caesar’s Palace with a man currently in custody over his alleged involvement in the assassination of Daphne Caruana Galizia three years ago,” Casa added.
