MGA and FIAU join forces

The Malta Gaming Authority (MGA) and the Financial Intelligence Analysis Unit (FIAU) to work more closely together on AML and CFT.

Malta.- The Malta Gaming Authority (MGA) and the Financial Intelligence Analysis Unit (FIAU) have signed a Memorandum of Understanding (MOU).

The MOU intends to improve the sharing of information and co-operation between the two entities.

Specifically, it will assist the MGA in its efforts to oversee and supervise Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

“Our relationship with the FIAU has gone from strength to strength,” MGA Chief Executive Officer, Heathcliff Farrugia, said.

“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. It underpins our resolve to ensure we keep Malta’s gaming sector free from crime. Moreover, preventing money laundering and combating the funding of terrorism.”

Kenneth Farrugia, Director of the FIAU, 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. Furthermore, it demonstrates our commitment and determination in increasing Malta’s effectiveness in combatting money laundering and terrorism financing.”

The MOU also allows for the better training of respective employees, training of persons and entities licensed by the MGA, and assessing the competency on anti-money laundering and CFT of individuals holding key positions with licensed entities.

In particular, those appointed as Money Laundering Reporting Officer (MLRO).