MALTA: MORE GAMBLING LICENCES CANCELLED AS IT SEEKS TO STEP UP AML EFFORTS

On 23 June, Newsbook in Malta reported that, as it seeks to ensure that Malta-based gambling operations “are not used as a façade for money laundering or terrorist financing,” the number of gambling licences which were cancelled or suspended by the Malta Gaming Authority increased sharply last year. It says that the latest MGA annual report shows that 14 licences were cancelled outright last year due to non-compliance, compared to just 8 in 2018. Meanwhile, the number of licences suspended was more than doubled, from 4 to 11. The MGA processed a total of 97 applications for a gambling licence last year. However, only 53 licences were issued, with the remaining 44 either rejected or withdrawn. A total of 15 individuals and companies were found to be not up to standard by the MGA Fit and Proper Committee, and thus deemed ineligible for a gambling licence.

https://newsbook.com.mt/en/more-gambling-licences-cancelled-as-authority-seeks-to-step-up-anti-money-laundering-efforts/

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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