Tag Archives: Financial Action Task Force (FATF)

FIAU orders new AML commands on Malta business  

The Malta Gaming Authority (MGA) has warned licensed operators that they are expected to be familiarised with the revised AML Implementing Procedures (IPs) that will be applied by the Financial Intelligence Analysis Unit (FIAU). Last week, the FIAU updated its IPs guidance on AML and compliance duties that are required to be maintained by registered businesses. The revised orders follow …

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Malta gambling sector records growth but economic contribution slips

The Malta Gaming Authority (MGA) has revealed that the country’s gambling sector has recorded one of its highest growth rates in value added relative to other sectors, but is now making less of a contribution to the island’s economy. As detailed in the MGA’s Annual Report and audited Financial Statements for the financial year ending December 31, 2020,  the country’s …

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FATF greylisting has little impact on Malta ratings

The greylisting of Malta by the the Financial Action Task Force (FATF) has had no immediate impact on the island’s ratings or those of its domestic rated banks, according to Fitch Ratings. However, the firm did acknowledge that the greylisting demonstrates structural weaknesses in Malta’s anti-money laundering infrastructure, and the Mediterranean territory will be required to demonstrate progress on a …

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Malta placed on FATF rogue list following litany of AML discrepancies

Malta has been placed on a greylist of the Financial Action Task Force (FATF) – the global AML and anti terrorist financing unit of the G7.  The EU member state has previously faced international criticism regarding issues such as the Panama Papers scandal, which saw Maltese government figures implicated in establishing offshore companies encountered little legal action, as well as …

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Malta faces EU sports betting veto withdrawal

Malta may have to withdraw its EU sports betting veto in order to pass the Financial Action Task Force’s Moneyval test, conducted due to concerns that the jurisdiction is a financially unsafe area, safeguarding the interests of Europe’s financial and business communities.  The FATF’s decision, based on a report by Moneyval – which serves as the Council of Europe’s anti-money …

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UKGC’s AML guidance places high responsibility on industry officers

The UK Gambling Commission (UKGC) begins 2019’s legislative agenda publishing its industry guidance on ‘preventing money laundering and combating the financing of terrorism – (fourth edition)’. The UKGC’s report is led by the recommendations of the Financial Action Task Force (FATF), a European Union inter-governmental body responsible for setting international standards on anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks and …

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