The new Act will make foucs specifically in the compliance and enforcement functions to better achieve the regulatory objectives, in line with concurrent developments relating to anti-money-laundering and combating the funding of terrorism.
This new framework shall also broaden the regulatory scope to increase the MGA’s oversight and to allow, in a proportionate manner, intervention where necessary, and also envisages new and more effective processes for criminal and administrative justice.
Other important areas of focus include consumer protection standards, responsible gaming measures, reporting of suspicious sports betting transactions in the fight against the manipulation of sports competitions and objective-oriented standards to encourage innovation and development.
The Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Silvio Schembri, said: “I would like to thank the MGA for moving the regulatory agenda for gaming services forward, as well as for identifying areas for further and continuous improvement. The MGA will periodically review the regulatory performance of the sector and the framework itself and will advise Government on the attainment of its objectives mainly focusing on consumer protection and integrity.“
The MGA’s Chief Executive Officer, Heathcliff Farrugia, stated: “This is a very important milestone for the MGA. The new law establishes very robust compliance and enforcement powers and structures, and lays the necessary foundation to continue to strengthen player protection.”
Source: GMB
