A Sudden Exit Amid Health Concerns
In an unexpected yet unsurprising move, the CEO of the Malta Financial Services Authority (MFSA), Irish lawyer Joseph Gavin, is set to retire early. The announcement came via a brief, single-sentence notice from the MFSA, citing a recent medical absence as the reason for his upcoming departure later this year.
Gavin assumed the CEO position in July 2021 under a compensation package reportedly valued at €160,000 annually. Prior to joining Malta’s top financial watchdog, he served as General Counsel at the Central Bank of Ireland from 2009 to 2015.
A Role Never Fully Embraced?
From an external viewpoint, it appears Gavin never fully immersed himself in the Maltese regulatory ecosystem—an institution already marred by controversy. His predecessor, Joseph Cuschieri, stepped down after reports emerged that he had traveled to Las Vegas with the MFSA’s General Counsel Edwina Licari. The trip was paid for by gambling mogul Yorgen Fenech, a man widely believed to be the mastermind behind the assassination of investigative journalist Daphne Caruana Galizia.
Despite Cuschieri’s resignation, Edwina Licari retained her post—raising serious questions about the institution’s integrity and public image.
Who Will Take the Helm?
With Gavin stepping aside, the MFSA now faces the challenge of appointing a new CEO. Considering Malta’s well-documented struggles with regulatory transparency and ethics, the role may only appeal to individuals nearing the end of their professional careers, rather than dynamic reformers.
What Comes Next?
As Malta continues to grapple with reputational damage in its financial regulatory sector, many are left wondering who would be willing—and able—to restore credibility to the MFSA.
Scam-Or Project encourages readers to share any relevant insights or documentation regarding developments within the MFSA or related entities.