Minister John Dalli promotes Malta's financial services sector in London and New York

‘Malta's Financial Services Regulations are not expected to be needing significant changes as a result of the up-coming EU screening process, since the 1994 legislation took full cognisance of EU directives in the area. And as our reputation is a primary objective, the MFSC is continually monitoring the international financial environment to ensure that the legislation is continually updated, so as to respond to the latest international regulatory standards set by the most reputable financial centres.'

The Minister of Finance, Mr John Dalli stated this during presentations held by the MFSC in London and New York, for a number of senior representatives and advisors from international institutions, which have already established some form of presence in Malta, or are presently considering this prospect.

Minister Dalli, who was accompanied by the Chairman of the Malta Financial Services Centre (MFSC), Professor Edward Scicluna, also dealt with Malta's Financial Services sector performance. At present the financial sector contributes up to around 8% of Malta's GDP, but its total value added is increasing by three times the national average.

Malta's renewed EU membership application is expected to generate increased scope for the provision of services to EU based funds and organisations. Europe is seen as offering huge potential for fund managers because of a shift from state-funded towards privately-funded pension shemes, with a resulting swing from fixed-interest to equity investments. In fact European pension investments are set to double over the next five years.

The Finance Minsiter reiterated Malta's commitment to remain a sound and highly respected jurisdiction with highly regulatory, legal and anti-money laundering standards equivalent to the best in Europe.

The commitment was acknowledged in the First Mutual Evaluation Report on Malta, which was recently adopted by the Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures. ‘According to this report,' stated Minister Dalli, ‘Malta has put in place a legal framework which more than adequately meets the requirements of UN conventions in the area and a sound structure of supervision.'

In London, the Minister of Finance also held talks with high officials from the UK Treasury and the Inland Revenue Departments, including the Hon. Patricia Hewitt MP, Economic Secretary at the Treasury and Mr Stephen Timms MP, Minister of State at the Department of Social Security.