Original Document in tax-new website:  www.tax-news.com   
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 In a recent interview with The Financial Regulator, a quarterly publication charting the supervision of the world's financial markets, chairman of the Malta Financial Services Authority, Joe Bannister, tracks the island's progress from 'tax haven' to a more European orientated regulatory environment.

"We have been screened by a number of international organisations," stated Mr Bannister in the article entitled 'Malta Comes Onshore'. The EU, the OECD, the FATF (Financial Action Task Force on Money Laundering) the World Bank, and a few weeks ago, the International Monetary Fund. The IMF found nothing that caused us concern. It concluded that our regulatory system was very robust."

However, the MFSA chairman notes that there may be considerable change to come, not least in amalgamating the various pieces of legislation which make up the current regulatory system. "It is possible that in ten years' time we will need one piece of legislation for each financial sector, like the UK's Financial Services Act, and a single licence," observed Mr Bannister.

Commenting on the presentation of the interview in The Financial Regulator Bannister told the Times of Malta:

"We are very pleased with the article and the way in which it endorses how Malta has created a new model for small economy finance centres. The piece will make a highly positive contribution to our reputation with some of the most influential people who create global regulatory policy and with private sector blue chip finance concerns. So the article will benefit our national reputation, the reputation of our finance companies and enhance our ability to attract inward investors."

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