Maltese Parliament officials announced that the island country will introduce a new comprehensive gambling act to consolidate its gambling laws.
The act was announced by Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Silvio Schembri who said the new gaming bill will be presented in Parliament for a first reading. The bill would repeal all of Malta’s existing legislation and replace it with a singular primary Act of Parliament
The Act of Parliament would cover gaming regulation, technical directives and guidelines currently being consulted on by the Malta Gaming Authority, according to the Malta Independent newspaper.
“This bill marks a major step in streamlining and encompassing the governance of all gaming services offered in and from Malta and across all channels under the competence of the MGA,” Schembri said at a press conference. “The government wants to ensure that the gaming industry continues to be run responsibly, fairly and free from criminal activity, so that the Maltese jurisdiction provides a safe and well-regulated environment where the industry can also develop and innovate.”
The bill gives the gaming authority the necessary latitude, resources and powers to effectively regulate the gaming industry and protect consumers, he said.
“We hope to remove any red tape by increasing efficiency and flexibility for the regulator, whilst improving the robustness of the current framework and focusing regulation on outcomes,” Schembri said.
Joseph Cuschieri, executive chairman of the authority also spoke in favor of the bill.
“This is an important milestone and we welcome this major step forward by the Maltese Government,” he said. “This bill contains draft proposals which aim to bridge the regulatory gap between various gaming verticals and channels, including new technologies serving as a platform to future proof gaming regulation, whilst ensuring that consumers enjoy a consistent level of protection.”
The new act would strengthen the authority’s compliance and enforcement functions in line with developments on anti-money laundering and funding of terrorism obligations. It also streamlines the authority’s enforcement procedures and regulations, officials said.
The act also focuses on consumer protection standards, responsible gaming measures, reporting of suspicious sports betting transactions and objective-orientated standards to encourage innovation and development.
The act comes out of a public consultation period conducted by the MGA, with various industry stakeholders and the general public. The consultation began in July 2017 and resulted in feedback from 53 different parties based both locally and abroad, officials said.
Some highlights of the new bill, according to the Independent, Include:
Replacing the current multi-license system with a system in which there will be two different types of licenses—a Business-to-Consumer license and a Business-to-Business license.
Broadening the regulatory scope to increase MGA oversight and allow for intervention where necessary and in a proportionate manner.
Widening the authority’s s powers under the compliance and enforcement functions to better achieve the regulatory objectives, in line with concurrent developments on anti-money laundering and funding of terrorism obligations.
Strengthening the player protection framework by formalizing the mediatory role of the MGA’s Player Support Unit, as well as requiring segregation of player funds and moving towards a unified self-exclusion database.
Exempting B2B licensees from gaming tax, thus increasing Malta’s competitiveness as a hub for B2B activities.
