REGULATORY

MGA and FIAU sign MoU to tackle money laundering and financing of terrorism

The Malta Gaming Authority (MGA) and the Financial Intelligence Analysis Unit (FIAU) have signed a Memorandum of Understanding (MoU), which aims at improving intelligence-sharing and cooperation on money laundering and financing of terrorism cases.


Both organizations will also cooperate on training initiatives for their respective employees, as well as for individuals licensed by the MGA, and assessing the competency on Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) of personnel holding key positions with licensed entities, especially those appointed as Money Laundering Reporting Officer (MLRO).


“Our relationship with the FIAU has gone from strength to strength, particularly since the introduction of EU’s 4th Anti-Money Laundering Directive. Due to the nature of our roles, we are in regular contact, also conducting joint supervision on MGA-licensed entities. This MOU will thus continue to strengthen this collaboration, underpinning our resolve to ensure Malta’s gaming sector is kept free from crime, preventing money laundering and combating the funding of terrorism”, said MGA’s CEO, Heathcliff Farrugia.

Kenneth Farrugia, Director of the FIAU, said that “the MGA is a strategic partner of the FIAU in ensuring that the highest levels of AML/CFT compliance are applied across the gaming sector. The MOU will, therefore, further strengthen the long-standing excellent relationship and the level of collaboration between the two authorities and demonstrates our commitment and determination in increasing Malta’s effectiveness in combatting money laundering and terrorism financing.”