Malta’s successful removal from the FATF grey list highlighted the tricky balance between strict financial checks and keeping the business scene attractive, according to Luis Perez, Chief AML Officer at Lottofy, the brand name of Clobet Limited. Perez noted that Malta’s strategic importance to the European and global gaming sector has been underscored by Malta’s decisive steps to exit the grey list. The FATF’s 2021 decision to add Malta to the grey list of rogue nations triggered immediate and significant actions. PM Robert Abela and Finance Secretary Alfred Camilleri created an ‘action plan’ aiming to lift Malta off the grey list by 2023, which they accomplished.
The Financial Sector and Gambling Industry Have Shaken Hands
One thing that Malta does the best is maintaining a great relationship between the two major players: finance and gambling. This is the reason why, even during the greylisting period, Malta’s reputation for reliable licensing helped the investors sink money into them. At the same time, they also had a lot of favourable tax cuts for investors. And this is what makes Malta one of the best places in the world if you want to invest in a good gambling industry.
One crucial takeaway is adopting a risk-based approach to AML compliance. By directing resources to high-risk areas like virtual currency transactions, gaming companies can enhance their ability to spot and prevent illegal activities. Additionally, maintaining transparency in AML measures not only ensures regulatory compliance but also fosters trust among stakeholders and creates a safer gaming environment. Continuous employee training, regular internal audits, and using technology for improved compliance are additional strategies the gaming sector can adopt from the payments industry to stay ahead of the curve. Yes, Malta has shown the industry the way, and now we are waiting for other countries to sit up and take the cue. Let us see if they do at the end of the day.
Also Read: The European Gaming and Betting Association Issues Red Flag About Illegal Gambling Market
