Malta has long been infamous for being a safe tax haven and global hangout of money-launderers. In a recent statement, UK Gambling Commission’s CEO Neil McArthur slammed Malta for being lax in implementing compliance measures after the gambling regulator found that the Malta-based gambling operators are the biggest offenders in the UK.
McArthur said that Malta’s compliance measures are simply “not good enough.”
At the ARQ Compliance Conference at the Westin in St Julian’s, Neil McArthur revealed some key findings of the commission’s report into compliance.
According to the report, just under half of the 45 operators asked to complete an action plan were based in Malta.
“In a nutshell, what we have found as we undertake compliance activity has not been good enough.”
“The Commission is clear that although progress has been made in the regulation of the online market since 2014, far more needs to be done to raise standards.
“So let today be the start of a fresh commitment: a commitment to raise standards and to collaborate with us to make more progress more quickly. In return, the Commission commits that we stand ready to help in these efforts. But, rest assured, we also remain ready when needed to take enforcement action,” McArthur said.
Not only the UKGC, earlier in September, Moneyval, which is a prominent Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, said that Malta needs to do more to rein in the syndicates which are involved with financial crimes including money-laundering and terrorist financing.
In its report, charging the Maltese government, Moneyval said that they need to do more to ensure there is no money laundering in their banking and online gambling industry in particular.