The Malta Gaming Authority has strengthened a long standing partnership with the Financial Intelligence Analysis Unit after inking its latest memorandum of understanding.

Consolidating the relationship, specific aims are set at the sharing of information and co-operation between the two entities on the areas of supervision of anti-money laundering and combating the financing of terrorism, provided for by the Prevention of Money Laundering Act.

Kenneth Farrugia, director of the FIAU, said that “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 discuss avenues of further co-operation in the area of AML/CFT, including in relation to training of respective employees, training of persons and entities licensed by the MGA and assessing the competency on AML/CFT of individuals holding key positions with licensed entities, particularly those appointed as money laundering reporting officer.

Heathcliff Farrugia, MGA chief executive officer, lauded 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 published a multitude of recommendations regarding the potential uptake of esports betting, designed to safeguard events and warn operators of the risks posed.

Coming after the unprecedented challenges felt on global sports due to the COVID-19 pandemic, the regulator is aiming to increase its industry outreach in order to set regulatory expectations during these turbulent times.