Malta’s Parliament has approved the third and final reading of the new Gaming Act, strengthening the hand of the regulator in combating money laundering and terrorism funding.
The new framework increases the oversight of the Malta Gaming Authority, broadening its scope to make interventions where necessary. The new Act allows for direct scrutiny and targeted supervision controls and improves player protection by formalising the role of the MGA’s Player Support Unit as a mediator between aggrieved players and operators. It also envisages new, more effective processes for criminal and administrative justice.
Other areas of focus include consumer protection standards, responsible gaming measures, reporting of suspicious sports betting transactions and objective-orientated standards to encourage innovation and development.
The legislation is expected to come into force on July 1 for online operators and January 1, 2019, for land-based operators. To manage the transition to the new legislative framework, the MGA is liasing with existing licensees.
Silvio Schembri, parliamentary secretary for financial services, digital economy and innovation, said: “I would like to thank the MGA for moving the regulatory agenda for gaming services forward, as well as for identifying areas for further and continuous improvement.
“The MGA will periodically review the regulatory performance of the sector and the framework itself and will advise Government on the attainment of its objectives mainly focusing on consumer protection and integrity.“
The MGA’s chief executive officer Heathcliff Farrugia stated; “This is a very important milestone for the MGA. The new law establishes very robust compliance and enforcement powers and structures, and lays the necessary foundation to continue to strengthen player protection.”
