Malta To Increase Gaming Sector Oversight
by Ulrika Lomas, Lowtax.net, Brussels
07 September, 2015
Malta is in the process of overhauling its regulatory framework governing the gaming sector to "future proof the industry and align it to new realities and challenges."
A wide range of policies are being critically reviewed to, among other things, "continuously raise standards of governance and reinforce the supervisory and compliance monitoring of the industry by the Malta Gaming Authority (MGA)."
The announcement from the MGA appears to follow the authority's decision to suspend a number of licenses, after it emerged that organized crime gangs had managed to establish operations in Malta.
The MGA said the publication of "fit and proper" guidelines, focused on remote gaming, is one of a series of measures that are to be implemented in rapid succession to strengthen oversight. Similar requirements are also to be announced for key officials involved with land-based licensees.
The Guidelines set out the minimum criteria applicable to all relevant persons falling under all the activities regulated by the MGA. A revamped set of application and reporting guidelines together with updated official application forms will be issued in the coming weeks, together with other regulatory "quick win" announcements, the MGA said.
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