The financial services watchdog is getting media and communications guidance from a reputable international firm that is paid €210,000 through a direct order.
Malta Financial Services Authority sources said the London-based Communications and Network Consulting has been assisting the regulator for the past weeks, particularly in managing its media presence, locally and abroad.
Describing itself as a leader in managing media affairs, CNC says it is “ideally equipped to help global business and institutional leaders address challenges and opportunities”.
“We partner with them to develop and execute the necessary integrated communications strategies to gain the confidence of key stakeholders in this era of accelerated change,” it adds.
The MFSA sources said the company was engaged as part of “a strategic decision aimed to improve Malta’s reputation, mostly among European institutions”. A spokesman for the financial services watchdog confirmed that CNC was “providing the MFSA with specialised media and communications services” but questions on why no tender was issued remained unanswered.
The MFSA has been in the limelight in connection with the allegations that were made against Pilatus Bank and the manner in which the regulator handled Satabank.
Action taken by MFSA with regard to both banks preceded a visit to Malta by a delegation from the Council of Europe’s Moneyval.
The mission to Malta, which started yesterday, is evaluating the country’s actions and preparedness in complying with rigid anti-money laundering legislation.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as Moneyval for short, is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation.
It also makes recommendations to national authorities in respect of necessary improvements to their systems.