The strategic importance of the region to the European and global gaming sector has truly been highlighted amidst Malta taking the decisive steps to depart the FATF grey list.
The decision of the FATF’s to add Malta to a rogue list of nations on the grey list in 2021 prompted immediate and significant action from the region as PM Robert Abela and Finance Secretary Alfred Camilleri drafted an ‘action plan’ to remove Malta from the greylist by 2023, an ambition they succeeded in achieving.
Malta’s controversial Bill 55 is to face scrutiny from the European Commission.
“In response, Maltese authorities implemented extensive reforms to align with FATF’s recommendations, enhancing their regulatory frameworks and increasing enforcement actions. This proactive approach led to Malta’s removal from the grey list within a year, demonstrating its commitment to upholding international financial standards,”
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Moving forward the importance of collaboration between the financial sector and the gambling industry, as the development of mutual knowledge and a greater understanding of best practices continues to grow.
Malta’s successful removal from the FATF grey list underlined the “delicate balance between stringent financial scrutiny and maintaining an attractive business environment”, according to Luis Perez, Chief AML Officer at Lottofy.
Another key lesson involves implementing a risk-based approach to AML compliance. By focusing resources on high-risk areas, such as transactions involving virtual currencies, gaming companies like us can improve their ability to detect and prevent illicit activities. Moreover, maintaining transparency in AML measures not only ensures regulatory compliance but also builds trust among stakeholders and creates a safer gaming environment.
Continuous employee training, internal audits and leveraging technology for enhanced compliance are further lessons that the gaming sector can learn from the payments industry.
