MGA publishes legislative document

The Malta Gaming Authority (MGA) shared a comprehensive study of new legislative plans for the industry.

Malta.- The new Anti-Money Laundering and Countering the Founding of Terrorism legislation in Malta is including gaming activities in its annual control of financial transactions. As the law will take effect in the industry soon, the Malta Gaming Authority (MGA) and the Financial Intelligence Analysis Unit (FIAU) released a Consultation Document addressing the issue.

The Consultation Document on the Application of Anti-Money Laundering and Countering the Funding of Terrorism Obligations to the Remote Gaming Sector presents a comprehensive perspective of upcoming legislation on the gaming industry in order to include the international requirements to combat financial crimes.

“These obligations will enter into force by virtue of the transposition into Maltese law of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing,” revealed the MGA and FIAU statement about the Consultation Document.

Authorised gaming operators in the Maltese market will have to study the document in order to correctly comply with new obligations. “This document will serve as the basis for a more detailed sector-specific guidance document that will be issued at a later stage following due consultation with the remote gaming sector,” added the authorities.