‘I would definitely not go to a greylisted jurisdiction’ – MFSA chief

The top official of Malta’s financial regulator (MFSA) told parliament that he would not open his own company in a greylisted country, such as Malta.

Prof John Mamo, 75, a leading businessman, made the statement during his appearance before the Public Appointments Committee, seeking his re-confirmation as the MFSA’s chairman.

Admitting that his last year in office has been taken over by the problems caused by Malta’s greylisting, he stressed the need for the country to emerge from that as soon as possible.

“This is causing us problems. If I had to open my own company, I would definitely not go to a greylisted jurisdiction. That is so obvious,” he said.

He admitted that very few companies are deciding to come to the island, despite downplaying the number of companies that have left.

Passing the onus of the greylisting onto other entities, including what he called the “tax evasion problem”, which he said stands with the finance ministry, Mamo said he was satisfied that, from the MFSA’s point of view, the regulator is up to the standards required.

Mamo described MFSA CEO Joe Gavin’s decision to storm out of an interview with The Times of Malta as “a comedy of errors”. He stressed that it was the MFSA that had invited The Times of Malta for an interview so Gavin could not understand why the journalist was trying to grill him.

“He is Irish and bad-tempered. But the CEO should not be judged on a shoddy (biċċa) interview,” Mamo said. He also criticised the newspaper for running the interview. He claimed it was originally agreed that the whole interview would be scrapped.

Mamo, who has chaired the MFSA for three years, was approved for another one-year term through the support of government representatives. Opposition members voted against.

PN MP Carmelo Mifsud Bonnici said that, just a year ago, the Opposition had voted against Mamo’s nomination due to the scandals hitting the regulator on his watch. “We see no reason to change our position.”

While Mamo was at the helm, the MFSA was hit by scandals at its top echelons including former CEO Joseph Cuschieri and General Consul Edwina Licari – still in her position – outed for going on holidays financed by businessmen Yorgen Fenech.

Millions were also spent through direct orders with no accountability while Mamo approved Cuschieri getting extra remuneration to attend meetings that were part of his responsibilities.


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2 years ago

This from the man who just 12 months ago said before Parliament that he had absolutely no regrets nor apologies for all the scandals which took place on his watch as Chairman during his previous 3 year tenure.


The man is clearly as delusional and incompetent as the new CEO who replaced the disgraced Joseph Cuschieri.

Another classic example of the continuity promised by Ptime Minister Abela!

2 years ago

In simple terms, the Labour cronies at MFSA destroyed Malta’s financial services industry.

There are more employees within MFSA than licensed firms. The exodus will continue unless those who caused the problems are shown the door.

2 years ago
Reply to  Glen

….. shown the cell door

Simon Oosterman
Simon Oosterman
2 years ago

I just read the article in the ToM about this reappointment. The differences are astounding. One of the two journalists did not listen to and/or understand the proceedings.

Toni Borg
Toni Borg
2 years ago

He wouldn’t open a companynin a grey lised jurisdiction and yet, his inactions got us there!!!

so, what are his plans to get opus out of the grey listing?
another year of merry making and drinking at the trough whilst we clean up and shred old files not to leave any evidence?

2 years ago

The two reasons the man has been put there is because of who his father was, i.e Mintoff’s appointed first President.
And also he’s obviously labour.

2 years ago

Il-fatt li l-Profs. John Mamo jistenna li huwa jerga jigi ri-appuntat Chairman tal-MFSA juri kemm il-pozizzjoni hija ta’ gwadan ghalih ersonali

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