Jobs in financial services up by 26% in 2022

The number of people working in the financial services sector in Malta last year exceeded 17,000, an increase of 26% over the previous year, the Maltese Financial Services Authority’s annual report shows.

The report also reveals an increase of 4.3% in the sector’s contribution to the Maltese economy, increasing to €1.178 billion in Gross Value Added.

The authority received a total of 355 applications in all sectors during the year, of which 24% were withdrawn or rejected.

In 2022, the MFSA carried out a total of 674 supervisory interactions, which included a range of both onsite and offsite reviews. These included 364 meetings, six supervisory review and evaluation processes, 217 inspections, 76 thematic reviews, and 11 mystery shopping exercises.

84% of supervisory interactions had an anti-Money Laundering/Countering The Financing Of Terrorism (AML/CFT) element and a total of 44 enforcement actions were taken, amounting to €147,445 in fines.