The Financial Intelligence Analysis Unit (FIAU) has bid farewell to its outgoing Director, Kenneth Farrugia, as he takes up a new position as CEO of the Malta Financial Services Authority (MFSA).

In its statement, the FIAU said, “It has been an honour to have him as our leader through some of the toughest yet most successful years the FIAU has experienced.”

The FIAU was singled out in the global Financial Action Task Force’s (FATF) decision to put Malta on a list of countries subject to enhanced monitoring, better known as the greylist.

Mr Farrugia, the FIAU said, “always led from the heart and with absolute integrity and professionality”.

“We will miss him deeply and wish him well in his new post as CEO of MFSA.”

In choosing Mr Farrugia to lead it in the coming years, the Board of the MFSA said he has “the required skills with proven leadership to provide the necessary impetus to implement the changes and reforms required by the organisation going forward.”

Mr Farrugia is well known for his achievements and for successfully carrying out major reforms and strengthening both authorities. Indeed, he was among the officials who were personally credited and applauded by Prime Minister Robert Abela for helping get Malta off the FATF grey list last year.

“Mr Farrugia is technically very well prepared and has exceptional organisational development skills. He is also personally very well regarded at an international level by a number of supranational authorities including the European Commission, European Banking Authority, Egmont Group of Financial Intelligence Units and MONEYVAL, and has been acclaimed by the US Government for his achievements and integrity,” the MFSA said in its announcement.

He had been nominated by the US embassy in 2022 for the US state department’s anti-corruption award, which honours those working tirelessly against corruption.