The Malta Gaming Authority with the Financial Intelligence Analysis Unit has announced a revised implementation procedure for the sectors conducting remote gaming.
These changes will be reflected to prevent money laundering and stop terrorism funding. The implementation procedures have been already started. The authority will also reflect the realities which are encountered by the MGA and FIAU officers with their great supervisory skills.
The Malta Gaming Authority
The revision procedures will be conducted with due obligations, diligence, and risk factors to prevent money laundering and terrorism funding. The interested parties may get access of the copy regarding the implementation procedures Part ii and track the relevant changes. The consultation regarding the procedures have been implemented, and that is easily accessible.
This step has been taken by the authority to reduce the corrupted activities regarding gaming and to improve the gaming sectors, which are executed remotely. The procedures will become effective on the second of July, and the Memorandum of Understanding (MoU) has been aimed specifically to improve the sharing of information between the two organizations. An anti-money laundering step will be how effective only time can say now.
The Chief executive officer of the MGA, Heathcliff Farrugia, has shown his delight in signing this important Memorandum of Understanding with the Financial Intelligence Analysis Unit (FIAU). According to him, their relationship with the FIAU has become stronger after the introduction of the EU’s Anti-Money Laundering Directive in the Fourth stage. This MOU will help to strengthen their collaboration and combat crime and the funding of terrorism.
FIAU is working as the strategic partner of the MGA to ensure the highest level of compliance. This MOU is also allowing both parties to discuss further co-operation whenever needed.
The Director of FIAU also says that it will be very effective to ensure further co-operation with the areas of AML/CFT. The respective training persons, employees, will be licensed by the MGA when they will meet the competency. This MOU has been executed to fulfill the goal of the MGA to prevent common gambling-related crimes that are performed online or offline.
