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Malta Regulation Comes In With the Chance to Take a Leadership RolePublished August 5, 2018 by Lee R
The European Gaming hub is bringing its regulation model in line with EU Directives and local player needs.
New regulation has come into effect in Malta.
Approved by the Maltese Parliament on March 8th, the new Gaming Act along with subsidiary legislation and binding instruments establishing processes and procedures for a a holistic regulatory framework model for gaming came into effect on August 1, 2018.
The guidelines were enacted upon completion of the EU Technical Regulation Information System (TRIS) process, in line with European Union Directive 2015/1535.
The new framework strengthens the MGA’s supervisory role through more effectively defining compliance and enforcement functions focussed on anti-money-laundering and prevention of the funding of terrorism.
The regulations have been designed to make the Authority more agile in decision-making and empowered to focus on areas of higher risk.
The risk-based approach to which the new reforms are adhering are designed to enhance consumer protection standards and responsible gaming measures through the establishment of objective-oriented standards to encourage innovation and development.
MGA Chief Lauds
Of the landmark legislation, MGA Chief Executive Officer Heathcliff Farrugia called the moment "one of the most important days in the history of the MGA. Years of hard work finally come to fruition.”
Mr. Faruggia further credited the contributions of his predecessor Mr. Joseph Cuschieri “for the foresight to initiate this project, Parliamentary Secretary Hon. Silvio Schembri and the Maltese Government at large for their ongoing support and commitment, and especially the MGA's personnel for their relentless work in developing and implementing the new legal regime.”
Among new provisions are the Gaming Authority’s discretion to conduct investigations of the operation of any given business in the field; provide players with protective updates while participating in gaming activities within the jurisdiction; and the establishment of a Player Support Unit to intervene in times of conflict to support problem behavior or resolve disputes between players and operators.
The new regime should significantly increase the social benefits of iGaming regulation, and provide an innovative model for the proactive powers of risk reduction and social productivity wielded by any gambling authority.
The island to this point has forged a reputation as a premier gaming hub in Europe, and this legislation should only serve to reinforce those beliefs with not only tangible and effective regulation measures but outcomes as well.