Current Affairs
More scrutiny and monitoring of gaming companies against money laundering

Gaming companies in Malta including casinos have now another level of scrutiny by the Gaming Authority and FIAU to increase control so that these companies are not used for money laundering. The scrutiny came into force after last December Malta introduced in its laws the fourth directive of the European Union against money laundering. Gaming Authority enforcement officer, Dominic Micallef, stated with TVM that even this industry may face the danger of money laundering and before the entry into force of the regulations, the Authority withdrew the licence of 10 companies, mostly Italian ones.

The Gaming Authority has informed the 280 gaming companies in Malta that it will be specifically monitoring to ensure that in their operations the companies, similar to banks, are taking all the precautions to avoid being a means for money laundering.

Mr Dominic Micallef told TVM that the new level of scrutiny is the result of work carried out in the past two years by FIAU in preparation for the implementation of the regulations. He added that Authority officers were trained by Maltese and foreign experts to carry out the effective scrutiny against money laundering. The gaming companies now have new obligations to follow.

The Gaming Authority, Mr Micallef said, will work closely with FIAU in the implementation of this directive against money laundering. Since 2004, the gaming companies in Malta already had regulations against money laundering, and Mr Micallef added that while the companies have to increase their obligations with the new regulations, monitoring by the Authority officers will also increase on the companies.

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