The Malta Gaming Authority has had its supervisory role strengthened after the new Gaming Act came into force.
The new framework, approved by the Maltese Parliament in March 2018, enhances the Authority’s compliance and enforcement functions to better achieve its regulatory objectives. This is in line with concurrent developments relating to AML and combating the funding of terrorism.
It also empowers the Authority to be more agile in its decision-making, removing “unnecessary regulatory burdens” whilst simultaneously strengthening supervision and focusing the regulator’s efforts on areas which present a higher risk profile.
Consumer protection standards and responsible gaming measures are enhanced, while promoting a risk-based approach towards regulation. It provides the MGA with wider powers in the fields of compliance and enforcement and establishes objective-oriented standards to encourage innovation and development.
MGA CEO Heathcliff Farrugia said: "This marks one of the most important days in the history of the MGA. Years of hard work finally come to fruition. I would like to thank all those involved in making the new regulatory framework a reality, in particular my predecessor Mr Joseph Cuschieri for the foresight to initiate this project, Parliamentary Secretary Hon. Silvio Schembri and the Maltese Government at large for their ongoing support and commitment, and especially the MGA's personnel for their relentless work in developing and implementing the new legal regime.
“This is the beginning of a new chapter in Maltese gaming regulation. One which builds on the foundations of the previous laws, and which empowers the Authority to further strengthen the way it regulates the industry, and to continue being a thought leader for the years the come.”
The framework is applicable for remote gaming operators as of now, whereas land-based operators will become subject to these new laws as of January 1, 2019.
