MGA signs AML memorandum of understanding with FIAU

The Malta Gaming Authority (MGA) has signed a memorandum of understanding (MoU) with the Financial Intelligence Analysis Unit (FIAU) that means the two institutions will share data to tackle money laundering.

The two bodies already collaborated, with the MGA implementing the FIAU’s remote gaming implementing procedures in July 2019. This relationship will now be developed further, through an information sharing agreement covering anti-money laundering (AML) and combating the financing of terrorism (CFT).

“Our relationship with the FIAU has gone from strength to strength, particularly since the introduction of the EU’s 4th Anti-Money Laundering Directive,” MGA chief executive Heathcliff Farrugia said. “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.”

In addition to sharing information, the memorandum of understanding – signed by Heathcliff Farrugia and FIAU chairperson Jesmond Gatt – will allow both parties to discuss further cooperation. The MGA said this cooperation could be in the area of AML training and assessing the competency of money laundering reporting officers at licensees.

“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,” Kenneth Farrugia, Director of the FIAU, said.

“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.”