The new framework elevates the jurisdictional profile of Malta from a regulatory perspective by strengthening the MGA’s supervisory role, specifically the Authority’s compliance and enforcement functions to better achieve its regulatory objectives. This is in line with concurrent developments relating to anti-money laundering and combating the funding of terrorism.
The new regulatory framework also empowers the Authority to be more agile in its decision-making, by removing unnecessary regulatory burdens not conducive to the regulatory objectives, whilst simultaneously strengthening supervision and focusing the regulator’s efforts on areas which present a higher risk profile.
Furthermore, the reform enhances consumer protection standards and responsible gaming measures, while promoting a risk-based approach towards regulation. It provides the MGA with wider powers in the fields of compliance and enforcement and establishes objective-oriented standards to encourage innovation and development.
Underlining the importance of this milestone the MGA’s Chief Executive Officer Heathcliff Farrugia stated: "Today marks one of the most important days in the history of the MGA. Years of hard work finally come to fruition.”
“This is the beginning of a new chapter in Maltese gaming regulation. One which builds on the foundations of the previous laws, and which empowers the Authority to further strengthen the way it regulates the industry, and to continue being a thought leader for the years the come,” Farrugia added.
Source: GMB
