Reposition of the gambling industry in Malta
Silvio Schembri, the parliamentary secretary for Finacial Services, Digital Economy and Innovations state that the parliament of Malta is considered about future of the gambling sector.
He also said that the Government likes to have jurisdiction which provides a safe regulated environment full of responsibility, fair acts and without criminal activities. Such regulated environment also will have an influence on the development and innovative industry.
The Parliament bring a single act for gambling sector
The Parliament of Malta takes serious steps for reorganizing the all gambling legislation that exists in the country into a single act. This primary Act of Parliament will be supported by secondary legislative regulation. In addition to that comes many guidelines, technical suggestions and directives were given by the Malta Gaming Authority (MGA).
The main point of the act is replacing the existing multi licence system with a new set up of two different types of licences.
The first is called Business-to-Consumer (B2C) licence and the second is Business-to-Business (B2B) licence, covering various types of activities across numerous distribution channels.
The parliament find out Malta would be more attractive for B2B activities, so there is a decision for B2B to be exempt from gaming tax.
Joseph Cuschieri appreciates the proposed act and state that this act will indicate consolidation between different gaming verticals and channels and new technologies serving, but also as a regulation platform, will give a consistent level of consumers protection.
Beside the better consumer protection standards, the new legislation provides responsible gaming measures, recording of illegal sport betting transactions in order to fight against unfair competition.
Malta Gaming Authority (MGA) will have more power
Malta Gaming Authority (MGA) related to this act will have more power under the compliance and enforcement in better function as an agency, especially for anti-money laundering and illegal funding. In the same time, Malta Gaming Authority will strengthen its supervision and easier could make decisions by reducing “regulatory burdens”.
Last month, there was a report from the Malta Gaming Authority (MGA) that an investigation has been started by their side into every licence related to Italians, because of suspicion of organizing criminal. The result of the investigation were cases of three companies who received a suspension of a licence, then cancellation of another and finally the decision for leaving the country. The parliamentary secretary Silvio Schembri confirmed that Malta Gaming Authority (MGA) checked into the Italian operators settled in the country.
Further the secretary remarked that Malta Gaming Authority took the action against scammers, who were violating the gambling legislative of Malta, as soon as they received the information.
According to that information, Malta is going to strength the gambling legislation in order to avoid illegal organize crime in the gaming industry.