Administrative penalties issued by the Malta Financial Services Authority shot up from €54,000 in 2019 to €975,462 in 2020, data tabled in Parliament shows.
The information was provided by Finance Minister Clyde Caruana in reply to a Parliamentary Question by PN MP Chris Said.
The amount in fines issued in 2020 was the highest in ten years. No fines were issued in 2013 and 2015, and the MFSA only issued €25,000 in administrative penalties in 2014.
The second highest amount was issued in 2017, with fines amounting to €686,774.