The new previsions improve player protection standards and implement a new anti-money laundering code.
Malta.- The gambling industry in Malta has welcomed a new Gaming Act, approved by the Maltese Parliament on March 8th, 2018. The new provisions came into force on Wednesday, August 1st, after going through the EU Technical Regulation Information System (TRIS) process.
The new Act is set to elevate Malta’s regulatory functions, as it strengthens Malta Gaming Authority’s (MGA) supervisory role, mainly focused on compliance and enforcement function to better achieve its regulatory objectives. The MGA said that these new regulations are in line with concurrent developments relating to anti-money laundering and combating the funding of terrorism.
The new framework also removes unnecessary regulatory burdens not conducive to the regulatory objectives, and it also strengthens supervision and focuses on the regulator’s efforts on areas which present a higher risk profile. The reform enhances consumer protection standards and responsible gaming measures while promoting a risk-based approach towards regulation. It provides the MGA with wider powers in the fields of compliance and enforcement and establishes objective-oriented standards to encourage innovation and development.
MGA’s Chief Executive Officer Heathcliff Farrugia said: ”Today marks one of the most important days in the history of the MGA. Years of hard work finally come to fruition. I would like to thank all those involved in making the new regulatory framework a reality, in particular, my predecessor Joseph Cuschieri for the foresight to initiate this project, Parliamentary Secretary Hon. Silvio Schembri and the Maltese Government at large for their ongoing support and commitment, and especially the MGA’s personnel for their relentless work in developing and implementing the new legal regime.
“This is the beginning of a new chapter in Maltese gaming regulation. One which builds on the foundations of the previous laws, and which empowers the Authority to further strengthen the way it regulates the industry, and to continue being a thought leader for the years to come.”