In an attempt to curb money laundering in line with the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta), the MGA (Malta Gaming Authority) has formally acknowledged the signing of an MoU (Memorandum of Understanding) with the FIAU (Financial Intelligence Analysis Unit). This big move will spearhead data sharing and a full co-operation of the two bodies on matters regarding the supervision of CFT (Combating the Financing of Terrorism) and AML (Anti-Money Laundering).
Kenneth Farrugia, the Director of the FIAU, released a statement saying that the MoU will strengthen the existing relationship between the two entities in safeguarding the high standards of CFT and AML compliance in the online gaming industry. He added that the MoU is a clear sign of the FIAU’s dedication and willpower in facilitating Malta’s efficiency in fighting money laundering and terrorism funding.
The MGA’s Chief Executive Officer, Heathcliff Farrugia, on the other hand, expressed his uttermost appreciation when signing the MoU with FIAU. He declared that MGA’s relationship with the FIAU had indeed grown stronger since the ushering in of EU’s 4th Anti-Money Laundering Directive. He added that the two bodies are in contact in doing joint supervision of the MGA licensed institutions, and that the MoU will foster the existing relationship, ensuring that Malta’s gaming sector is kept free of crime, money laundering, and terrorism financing.
The stipulations of the MoU signed by Heathcliff Farrugia, MGA’s CEO and FIAU’s chairperson, Jesmond Gatt, will enable both bodies to evaluate the possibilities of further collaboration in the region of AML/CF. Some of the measures to be implemented include coaching of employees in the gaming field, training of individuals and bodies certified by the MGA as well as evaluating the aptitude on AML/CFT of persons holding vital ranks within accredited institutions, especially those holding Money Laundering Reporting Officer (MLRO) positions.