Maltese parliamentary secretary for Financial Services, Digital Economy & Innovation Silvio Schembri has announced a motion to be presented in the Maltese parliament concerning the future of gambling.
The motion concerns the reading of a new Gambling Bill which if passed will repeal all the existing gaming legislation, replacing it with a single act of parliament.
It also would pass a number of supplementary pieces of legislation in the areas of regulation as well as green lighting a series of technical directives and guidelines which are currently being considered by the Malta Gaming Authority (MGA).
Speaking about the legislation, Minister Schembri said that: “This Bill marks a major step in streamlining and encompassing the governance of all gaming services offered in and from Malta and across all channels under the competence of the MGA.
“The Government wants to ensure that the gaming industry continues to be run responsibly, fairly and free from criminal activity, so that the Maltese jurisdiction provides a safe and well regulated environment where the industry can also develop and innovate.”
Highlights of the act include the replacement of Malta’s current multi-licence system with a system in which there will be two different types of licences; a Business-to-Consumer (B2C) licence and a Business-to-Business (B2B) licence covering different types of activities across multiple distribution channels.
It also widens the MGA’s powers under the compliance and enforcement functions with the aim of better achieve regulatory objectives, in line with concurrent developments on anti-money laundering and funding of terrorism obligations.
Finally, the act strengthens the MGA’s existing player protection framework by formalising the mediatory role of the MGA’s Player Support Unit, enshrining segregation of player funds at law and moving towards a unified self-exclusion database across both remote and land-based delivery channels.