Key points:
- The MGA and MFSA have signed a new bilateral MoU to strengthen regulatory cooperation
- The agreement expands collaboration beyond AML/CFT to include training and shared oversight
The Malta Gaming Authority (MGA) and Malta Financial Services Authority (MFSA) have formalised a bilateral Memorandum of Understanding, designed to strengthen regulatory collaboration between the two supervisory bodies.
The agreement establishes a framework for enhanced cooperation in areas of mutual regulatory interest while hoping to support each authority's operational effectiveness.
This MoU operates alongside an existing multi-party agreement involving the Sanctions Monitoring Board, Financial Intelligence Analysis Unit, MFSA and MGA, which continues to govern cooperation in anti-money laundering, terrorism financing and weapons proliferation prevention.
The new bilateral agreement addresses broader regulatory coordination needs identified by both authorities.
The MoU incorporates provisions for training and educational initiatives aimed at developing competencies where regulatory jurisdictions overlap.
This ultimately hopes to strengthen both authorities' supervisory capabilities and enhance their respective regulatory frameworks' overall effectiveness.
Commenting on the development, MGA CEO Charles Mizzi stated: “This agreement marks another step forward in our commitment to strengthening inter-agency collaboration.
“The relationship between the MGA and the MFSA is an important one, and through this MoU we are not only enhancing the exchange of information but also fostering a shared commitment to high regulatory standards and professional development.”
MFSA CEO Kenneth Farrugia added: “The MoU that the MFSA entered into with the MGA is a reflection of our commitment and dedicated efforts to strengthen ties with other local authorities, as we continue to recognise the value of inter-institutional collaboration.
“This agreement enhances our mutual cooperation on due diligence and enforcement, which is essential in view of the similar players in the respective industries that we regulate and serve. The MoU itself goes beyond the exchange of good practice and intelligence, as it also focuses on the upskilling of our supervisors who are instrumental to the daily operations of both authorities.”
This development follows the MGA's recent publication of its 2024 annual report, which showed €84.1m in revenue alongside increased regulatory activity including 17 new licences issued and 25 administrative fines imposed during the year.
