Greylisting: MGA focuses on outreach to show international stakeholders Malta is a reliable partner

That road ahead is one replete with urgency. However, Carl Brincat, MGA CEO, attests that “Government and all relevant public institutions are doing their utmost to ensure that we address the remaining shortcomings identified by the Financial Action Task Force (FATF) in the shortest time possible.” Mr Brincat’s comments were first carried as part of an in-depth feature on the impact of greylisting for Malta’s iGaming sector in the Winter 2021/2022 edition of iGaming Capital magazine, the sister publication to iGamingCapital.mt.

In June 2021, the FATF voted to place Malta among a list of countries under increased monitoring over shortcomings related to anti-money laundering procedures and the financing of terrorist. This increased monitoring is known as the so-called grey list and acts as a signal to the international community that there are heightened risks with doing business with Malta.

In the meantime, “the MGA and other national stakeholders are, through outreach, providing the necessary visibility to international stakeholders – some of whom are essential partners for the industry – to show that Malta is a reliable participant in the international financial system and will continue making the necessary improvements to combat financial crime,” he says, expressing confidence in the jurisdiction and the work it has achieved so far.

“Malta can carry that momentum forward and, with the existing commitment at both political and institutional levels, ensure that the island addresses the remaining issues and reasserts itself as a place of establishment which is both attractive and adheres to the highest regulatory standards across the board.”

Regarding the outcome of the FATF’s vote, Dr Brincat notes that, while disappointing, given the effort that was made to address any and all shortcomings, “the shortcomings identified by the FATF do not relate to the gaming sector, and therefore the sector has shown that it has already geared up and invested heavily in terms of time, money, and resources, to implement effective AML/CFT safeguards.

Despite the difficulties, “we are also aware, however, and are in fact prioritising outreach to the most relevant stakeholders to explain, through ever-increasing transparency, that the shortcomings identified in Malta’s regard do not relate to the gaming sector in any way. In practice, this should not alter the manner in which these international stakeholders perceive and relate to our licensees,” he concludes.

These comments were first carried as part of a wider feature on greylisting in the Winter 2021/2022 edition of iGaming Capital magazine, the sister publication to iGamingCapita.mt.