Since inking its new memorandum of understanding, the Malta Gaming Authority has enhanced a long-standing relationship with the Financial Intelligence Analysis Unit.
Consolidating the relationship, common priorities are set for the exchange of information and cooperation between the two agencies on the areas of anti-money laundering surveillance and counter-terrorism financing, as provided for in the Prevention of Money Laundering Act.
FIAU director Kenneth Farrugia has said: “the MGA is a strategic partner of the FIAU in ensuring that the highest levels of AML/CFT compliance are applied across the gaming sector.
“The MOU will therefore further strengthen the long-standing excellent relationship and the level of collaboration between the two authorities and demonstrates our commitment and determination in increasing Malta’s effectiveness in combating money laundering and terrorism financing.”
Further provisions of the MOU also allow both parties to explore ways of further cooperation in the field of AML / CFT, including the training of the respective staff, the training of persons and entities licenced by the MGA and the evaluation of the AML / CFT competences of individuals holding key positions with licenced entities, in particular those named as money laundering reporting officer
MGA chief executive Heathcliff Farrugia praised the signing of the MOU: “Our relationship with the FIAU has gone from strength to strength, particularly since the introduction of EU’s 4th Anti-Money Laundering Directive. Due to the nature of our roles, we are in regular contact, also conducting joint supervision on MGA-licensed entities.
“This MOU will thus continue to strengthen this collaboration, underpinning our resolve to ensure Malta’s gaming sector is kept free from crime, preventing money laundering and combating the funding of terrorism.”
Most recently, the MGA released a multitude of guidelines on the future take-up of betting on sports, intended to protect events and alert operators of the risks raised.
Amid the extraordinary challenges posed by the COVID-19 pandemic in global sports, the regulator intends to expand its industry outreach to set regulatory priorities in these tumultuous times.
MGA and FIAU sign MOU to strengthen collaboration in the areas of AML/CFT, supervision, training of employees and persons licensed by the MGA and in assessing competencies of MLROs. Read more: https://t.co/qCOIYhR6n3 pic.twitter.com/g72aLvzq9k
— MaltaGamingAuthority (@MaltaGamingAuth) April 15, 2020