Moneyval, which is a prominent Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, has 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.
Recently, the Malta Gaming Authority has set up a new Sports Integrity Unit which is tasked with liaisoning with local and foreign regulatory authorities, law enforcement agencies, bet monitoring systems, sports governing bodies and gaming operators.
Despite efforts being made from the Maltese authorities, this report comes as a setback. Criticizing the government for not doing enough, the Moneyval report discredits the claims of the authorities that they have taken a series of measures and have curbed money laundering and financial crimes.
While the report says that the Maltese Government claim is all hat and no cattle, it does mention that the government lacks the resources to combat the menace of money laundering.
Last month, the Malta Gaming Authority (MGA) released its new advertising guidelines for licensed gambling operators. The new guidelines mandate that all commercial communications must be “socially responsible with particular regard to the need to protect minors and other vulnerable persons from harm or exploitation.”