Money laundering ML and funding of terrorism FT threaten the integrity of the financial sector and the broader economy, both locally and globally. In itself, money laundering refers to the process of concealing the source of funds obtained from illegal activity within the financial system.
Law and regulations are typically introduced to ensure any money gained through illicit or unethical practised are detected, thus effectively combatting the practice.
In , the Malta Gaming Authority MGA and Financial Intelligence Unit FIAU jointly published a consultation document on the application of anti-money laundering and combating the funding of terrorism requirements to gaming operators, particularly those who hold a licence to operate games of chance and skill via means of distance communication licensees.
Over the past thirteen years, Malta has seen an advancement in the online gaming sector. The industry has evolved in both size and complexity, inevitably rendering it a potential means for criminals to launder their funds. Upon the enactment of the Malta Gaming Act in , the MGA, sets out certain licence conditions to counter this threat when issuing a remote gaming licence.
Such measures are, in turn, supported by a robust legal framework to combat ML and FT. Under the current scenario, only Casino licensees are considered as subject persons. This is regardless of whether such transactions were carried out in a single transaction, or in a series of transactions that appear to be linked.
