newsare.net
The new CEO of the Malta Gaming Authority has called for an improvement in the culture of compliance, saying that this does not depend solely on the regulator and the government. “Compliance cannot only belong to the regulator. It has to belong to everyonGaming Authority CEO: ‘We need to step up compliance’
The new CEO of the Malta Gaming Authority has called for an improvement in the culture of compliance, saying that this does not depend solely on the regulator and the government. “Compliance cannot only belong to the regulator. It has to belong to everyone: the service provider, the licensee, the accounting firm working with them, the whole ecosystem,” said Heathcliff Farrugia in an interview. “I would not say I am worried at this stage. But we either want compliance and to grow in a properly regulated way, or we start leaving loopholes and everyone will be happy in the short term – but find problems in the long term,” he warned. Mr Farrugia took over a few months ago when his predecessor Joe Cuschieri moved to the Malta Financial Services Authority. Mr Farrugia had worked at the authority for five years prior to his promotion. Last week the Times of Malta reported that a number of Maltese gaming companies licensed by the authority are being implicated by Italian prosecutors as serving as a money-laundering machine for Italian mafias. Last February, in the wake of growing concerns from Italy that gaming companies had been infiltrated by the Mafia, Mr Cuschieri had pledged to... Read more