MALTA’S FATF GREY-LISTING
Impact of grey listing on Malta- based gaming companies
IT LASTED ONLY A YEAR BUT HAD A PROFOUND IMPACT ON THE REPUTATION AND OPERATIONS OF GAMBLING COMPANIES LICENSED IN MALTA. DR KYLE SCERRI AND COLLEAGUES EXPLORE THE LEGACY OF FATF GREY LISTING
Background and Context The Financial Action Task Force (the ‘FATF’) is the global money laundering and terrorist financing watchdog. The FATF issues ‘Recommendations’ and several jurisdictions commit to implementing them into their regimes. As part of the FATF’s monitoring process to ensure compliance with its international standards, the FATF issued the following: 1. Jurisdictions under Increased Monitoring (Grey List), here the FATF identifies jurisdictions with strategic deficiencies in their AML/CFT/CPF regimes that have committed to, or are actively working with the FATF to address those deficiencies; and
On June 23, 2021, the world of gaming was rocked by the news that Malta where many industry players hold licenses, was being placed onto the list of countries requiring increased monitoring by the Financial Action Task Force, the global money laundering and terrorist financing watchdog of the G7 group of nations. Malta became the first EU member state to be placed on the so-called grey list. While no mention was made of gaming, the move sparked concerns that the industry would find itself cut adrift from international partners and international banking. After a year of action and lobbying, Malta was taken off the grey list, but lessons are still being learned about what led up to the change of status, how the country and the industry reacted and how such challenges can be avoided or mitigated elsewhere.
PAGE 42
IMGL MAGAZINE | JANUARY 2023
Made with FlippingBook flipbook maker