The Malta Gaming Authority recently published a white paper proposing major reforms to Malta’s Gaming Legal Framework. The proposed Gaming Act and subsidiary legislation framework specifies the Malta Gaming Authority as the single regulator of the gaming sector. It also decreases unnecessary regulations and strengthens supervisory efforts.
The proposed reform also would enhance best-in-class consumer protection standards, impose responsible gaming measures, establish a risk-based approach towards regulation and grant wider powers for the MGA in compliance and enforcement. It also establishes objective-orientated standards to encourage innovation and development.
In preparation for the proposed legal overhaul, various public consultations, technical studies and economic and financial impact assessments have been conducted. “The proposals embrace a forward-looking regulatory ethos which seeks to ensure that regulation can cater for new potential sectors whilst reacting proportionately to societal risks,” a Maltese regulator stated.
In addition, the Malta Gaming Authority and the Financial Intelligence Analysis recently released a consultation document about new rules designed to prevent money laundering and terrorist financing, and explaining how licensees will be expected to comply with the new obligations.
“Licensees are strongly encouraged to read this document in conjunction with the Directive as well as with Part I of the current Implementing Procedures. While the transposition will inevitably result in changes to the Implementing Procedures, the general content thereof is unlikely to undergo any major change,” the official statement said.
The gaming authority said more detailed sector-specific guidelines will be issued later.
