[5] The MFSA has the powers to regulate, monitor, and supervise the financial sector of Malta, protecting the interests of the consumers and promoting the market transparency and efficiency.

[11][12] In June 2016, the MFSA drew criticism from the MEP Sven Giegold for poor regulatory supervision of the Maltese financial institutions.

He started his position accompanied by his close friend Edwina Licari, and during their time at the MFSA, they had more than 35 “business trips” together, where €0.5 million from taxpayers’ money were spent.

[14][15] [16] In 2020, Joseph Cuschieri decided to resign from the role due to the revelations of his closeness with Yorgen Fenech, the main suspect behind the assassination of journalist and anti-corruption activist Daphne Caruana.

[19] In July of the same year, Pilatus Bank's depositors threatened to sue the MFSA for freezing €80 million in funds held by innocent victims.