The Maltese Parliament and Chamber of Commerce has approved and implemented the framework of its newly revised ‘Gaming Act’.
The act will establish a new industry anti-money laundering code, alongside further improvements to Malta gambling incumbents’ player protection standards and responsibilities.
Furthermore, the Gaming Act has been revised to strengthen the Malta Gaming Authority’s (MGA) position as a supervisory body.
In its mandate, the MGA will establish a new ‘player support unit’, designed to be a mediator between players and operators relating to potential disputes.
A statement from the MGA emphasised: “The reform enhances consumer protection standards and responsible gaming measures while promoting a risk-based approach towards regulation. It provides the MGA with wider powers in the fields of compliance and enforcement and establishes objective-oriented standards to encourage innovation and development.”
The new framework will be applicable for remote gaming operators as of 1st August 2018, with land-based incumbents subject to new laws as of 1st January 2019.
MGA’s Chief Executive Officer Heathcliff Farrugia marked the passing the revised Gaming Act as a significant milestone for all Malta stakeholders, stating: “Today marks one of the most important days in the history of the MGA. Years of hard work finally come to fruition. This is the beginning of a new chapter in Maltese gaming regulation. One which builds on the foundations of the previous laws, and which empowers the Authority to further strengthen the way it regulates the industry, and to continue being a thought leader for the years the come.”