Malta’s gaming industry will be in a precarious position if it fails to pass a critical upcoming test by anti-money laundering monitoring body Moneyval, Betsson’s Head of Regulatory Affairs and Compliance Corinne Valletta has warned.  

Speaking on Lovin Malta’s #COVIDCALLS, Valletta explained that it wasn’t COVID or a recession that was the biggest threat facing the industry but rather the crucial test.

Malta had failed a Moneyval test back in September 2019 and was given just over a year to address shortcomings in its anti-money laundering regime. 

 A failure to do so could see Moneyval recommend that the Financial Action Task Force places Malta on its “grey list”, which will see the island subjected to enhanced monitoring procedures.

Valletta was clear that Malta’s regulations were some of the most well-rounded in the world, covering every aspect of the industry while also maintaining a forward-thinking mentality.

However, issues with good governance and money laundering have put Malta’s hard-earned reputation at risk.

“It’s very uneasy to be in a situation to defend why we are based in Malta,” she explained. 

IGEN CEO Enrico Bradamante was first to bring up the issue of Moneyval, stressing that Malta needed to prove its credentials in fighting money laundering. 

Malta Gaming Authority CEO Heathcliff Farrugia was quick to say that Moneyval had praised the regulatory framework and work being done by authorities in the gaming industry, but conceded that there were issues elsewhere.  The industry, he said earlier, had around 10,000 employees.

In a previous episode, Finance Minister Edward Scicluna, the FIAU’s deputy director Alfred Zammit, and the MFSA’s Head of Financial Crime Compliance Anthony Eddington all expressed confidence that Malta will pass the test.