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How Much Will We Lose If Malta Is Greylisted? Gaming Industry Alone Earns €1.5 Billion And Provides 7,400 Jobs

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Malta could be greylisted come October and official figures have revealed just how much the country could lose with gaming companies likely to leave if the nation fails its second Moneyval test.

Following a parliamentary question from MP Hermann Schiavone, Finance Minister Edward Scicluna revealed that the gaming industry generated 1.56 billion in gross value added for the Maltese economy.

Gaming is also a major employer with the industry providing for 7,417 jobs in Malta. Just under 2,800 are Maltese employees and the sudden exodus of roughly 4,700 high-earning foreigners would be devastating on knock-off industries like real estate.

After failing a Moneyval test back in September 2019, Malta was given one year to address its shortcomings in its anti-money laundering regime.

If the country fails to pass Moneyval’s retest this October, it will be placed on the body’s “greylist” which will see the island subjected to enhanced monitoring procedures.

Betsson’s Head of Regulatory Affairs and Compliance Corinne Valletta has warned that the gaming industry would be in a precarious position if Malta were to fail the test. These concerns were echoed by the Malta Employers’ Association, which said that being greylisted could be as devastating as the COVID-19 pandemic itself.

Still, the Maltese government remain confident that the country will pass its second test, with Prime Minister Robert Abela insisting that authorities were focused to close up the glaring issues.

Malta’s Financial Intelligence Analysis Unit has been beefed up. Meanwhile, newly-appointed police commissioner Angelo Gafà has pledged to take a stronger stance against financial crime, his first action in office replacing Economic Crimes Unit head Ian Abdilla with Alexandra Mamo.

However, a US embassy official has still said that Malta’s greylisting was inevitable

Do you think Malta will pass the Moneyval test? Comment below

READ NEXT: WATCH: Black And Maltese! Three Youths Speak Out About Their Experiences With Racism In Eye-Opening Video

Julian is the former editor of Lovin Malta and has a particular interest in politics, the environment, social issues, and human interest stories.

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