MGA Serious On Money Laundering, Confirms Canceling 18 Operator Licenses

MGA Serious On Money Laundering, Confirms Canceling 18 Operator Licenses

Malta has been infamous for being a safe tax haven and a hub of illegal gambling operations. However, the Malta Gaming Authority (MGA) has said that it has been committed to combat illegal gambling operations that aid money laundering.

In a recent statement, the gambling authority has said that it has canceled licenses of 18 operator licenses in the first six months of 2019. The MGA has said that it is a part of its efforts to tackle money laundering and terrorist financing.

The regulatory authority has also said that it has issued administrative fines against eight gambling operators.

Commenting on the efforts to tackle money laundering, Peter Spiteri, Chief Officer of Finance & Programme Management at the Malta Gaming Authority, said: “A lot has been done by the authority to ensure that the implementation was completed effectively and all systems and procedures cater to the new requirements.

“Despite various challenges facing the sector over the past years, the gaming sector continues to consolidate its standing within the Maltese economy. The MGA strives to ensure that the industry in Malta remains compliant with an evolving set of regulations that cater to newly emerging risks and maintains a strong reputation.”

The gambling regulator has also said that it has conducted 597 criminal probity screening tests for both land-based and remote gaming activities.

Malta iGaming: Marred By Money Laundering Allegations

The online gaming scene in Malta is marred by money laundering allegations. It has emerged as a safe tax haven for iGaming operators. Recently, 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.

Malta relies heavily on its iGaming revenues. Online gambling operations contribute 13 percent of the total revenues generated.

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