MFSA partners with US regulatory agency for workshop on Virtual Financial Assets

The Malta Financial Services Authority (‘MFSA’), in collaboration with the US Embassy, has partnered with the US Commodity Futures Trading Commission (‘CFTC’) to deliver a three-day training workshop entitled “Virtual Assets: the emergence of a new asset class”.

The workshop, which will be held between 9th and 11th September, will also see the participation of other foreign regulatory bodies namely, members from the European Securities Markets Authority (‘ESMA’), the German Federal Financial Supervisory Authority (‘BaFin’) and Mauritius’ Financial Services Commission (‘FSC’).

While particular focus is being given to financial crime in the context of virtual assets, this workshop will also delve into other areas such as the implications of the recently updated Financial Action Task Force (‘FATF’) recommendations, the various supervisory challenges posed by virtual assets to financial services regulators, and the importance of international cooperation in this field.

CFTC top officials Mr Kevin Piccoli and Mr Brian Trackman will be amongst the 27 field experts speaking and taking part in the panel discussions aimed at providing the 140 delegates with more practical and hands-on insight into the regulation, supervision and enforcement issues associated with this nascent industry.

“It is an honour for us to be hosting so many high-profile speakers for this workshop at the MFSA and creating further dialogue on new industries,” MFSA CEO, Joseph Cuschieri remarked during his welcome address.

Adding to this, Cuschieri said “In our journey to become a top-tier regulator in Europe, we are committed to strengthen our ties with international institutions and regulators and join forces in our efforts to clamp down on financial crime. Resonating with the US treasury official’s call for a zero-tolerance approach during his visit to Malta last month, we are indeed fostering stronger relationships with CFTC and the US Embassy and engaging in knowledge sharing, so that we enter the FinTech space with the highest level of preparedness.”

On his part, US Embassy Chargé d’Affaires, Mark A. Schapiro, said: “Enhancing public-private partnerships that expose and eliminate financial vulnerabilities is a top priority for the U.S. Embassy.  We value Malta’s partnership and commitment towards combatting money laundering and terrorism financing. Through our close collaboration with the Maltese government, we are joining forces to confront some of this region’s crucial challenges – including corruption, money laundering, financial criminal investigations, finance terrorism, and illicit arms trade”.