MGA and FIAU combat money laundering with Memorandum of Understanding

The Malta Gaming Authority (MGA) has confirmed that it has signed a Memorandum of Understanding (MoU) with the Financial Intelligence Analysis Unit (FIAU).

The MoU will specifically focus on improving the sharing of information on the areas related to the supervision of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), provided for by the Prevention of Money Laundering Act.

Malta’s FIAU acts as the central agency responsible for the collection, collation, processing, analysis and dissemination of information in combating money laundering and related criminal activities.

The MGA’s Chief Executive Officer, Heathcliff Farrugia, said: “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.”

The provisions of the MoU will allow both parties to cooperate on training initiatives, as well as the training of persons and entities licensed by the MGA, and assessing the competency on AML/CFT of individuals holding key positions with licensed entities, particularly those appointed as Money Laundering Reporting Officer (MLRO).

Kenneth Farrugia, Director of the FIAU, added: “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.”

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