IMF highlights Malta’s work in the gaming sector
The International Monetary Fund talked about Malta’s work in the gaming sector, calling it exceptional.
Malta.- When it comes to setting the example, Malta is one of the best countries in Europe and the world. Not only because it is continuously studying new trends but also because it works towards the best regulations. The International Monetary Fund (IMF), has complimented the country’s approach on gambling and called its work in the gaming sector exceptional.
The IMF said that the praise not only comes for the unique hub for digital gaming companies but also because it has an approach that favours business. The international entity highlighted Malta’s commitment to strengthen the sector by reinforcing the existing legislation that regulates the gambling industry and by implementing the EU Anti-Money Laundering directive.
Last week, the Maltese Parliament approved new gaming provisions that seek to elevate the jurisdictional profile of Malta from a regulatory perspective by strengthening the Malta Gaming Authority (MGA) supervisory role. The approval of the third and final reading of the new Gaming Act also wants to strengthen the compliance and enforcement functions to better achieve the regulatory objectives, in line with concurrent developments relating to anti-money laundering and combating the funding of terrorism.
The changes in the legislation approved by Parliament wants to broaden the regulatory scope to increase the MGA’s oversight and to allow, in a proportionate manner, an intervention where necessary.
