The Malta Gaming Authority (MGA) and the Malta Financial Services Authority (MFSA) have officially signed a bilateral Memorandum of Understanding aimed at enhancing cooperation and coordination between the two regulatory bodies. The agreement covers structured information exchange, law enforcement cooperation, and joint training programs, focusing on improving the professional skills and regulatory efficiency of both parties' staff.
This Memorandum of Understanding extends the scope of cooperation to the areas of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT), emphasizing joint supervision and training to further refine the regulatory framework. The agreement is implemented in sync with existing multilateral cooperation mechanisms, involving the Sanctions Monitoring Board, Financial Intelligence Analysis Unit, and other relevant government agencies, jointly addressing the risks of money laundering, terrorism financing, and proliferation of weapons.
MGA Chief Executive Officer Charles Mizzi stated, "This agreement marks an important step forward in inter-agency cooperation, not only enhancing information exchange but also reflecting our shared commitment to high regulatory standards and professional development."
MFSA Chief Executive Officer Kenneth Farrugia added, "This Memorandum of Understanding reflects our ongoing determination to deepen ties with other regulatory bodies, especially in areas where collaboration in due diligence and law enforcement is crucial. It not only promotes intelligence sharing but also focuses on enhancing the skills of regulatory personnel, ensuring efficient conduct of daily regulatory operations."
Recently, MGA released its 2024 annual report, showing a revenue of 84.1 million euros, active regulatory activities, the issuance of 17 new licenses, and the implementation of 25 administrative penalties, reflecting the continuous strengthening of regulatory efforts.
