Malta XXX, MGA CEO Brincat says

Malta XXXXX, said Dr Carl Brincat, CEO of the Malta Gaming Authority (MGA). 

Dr Brincat, who was appointed as CEO of the MGA in January last year, was giving a keynote address at SiGMA Europe in Malta.

Dr Brincat is a lawyer by profession and previously held the role of Chief Legal & Enforcement Officer within the authority.

The authority has been working hard to step up cooperation with international authorities to clamp down on money laundering and other potential issues facing the iGaming community. 

A new alert system was put into place at the end of 2021 to share knowledge on suspicious events with the industry, without sharing the source of information. As of September, 72 alerts were sent out. 

It has also established an International Affairs Strategy to enhance its international credibility and to foster global relationships among its other efforts to improve its systems. 

The efforts have paid off. Malta was taken off the grey list of the Financial Action Task Force on money laundering in June of this year, having been put on the list of countries on watch a year earlier.

FATF had cited among other issues, concern over the regulatory infrastructure to combat tax evasion, the level of information on ultimate beneficial owners and the provisions for knowledge sharing with local and international bodies. 

According to Ernst & Young’s Malta Attractiveness Survey, the removal of grey-list status improved investor sentiment. At 58 percent, the overall country foreign direct investment attractiveness rebounded to the levels seen in 2020.

There was also an improvement in the number of respondents who said that Malta is not attractive. However, E&Y added that although the ranking had improved, the level was still short of the peak confidence levels seen in 2016. 

As of 2021, the MGA has issued 351 licences, with 341 companies in operation, according to the authority’s annual report. 

The total Gross Value Added (GVA) generated by the gaming industry during 2021 is estimated at €1.02 billion , representing around 7.7 percent of the total economy. 

14 – 18 November Malta hosts SiGMA Europe

Being one of the first European countries to regulate the gaming sector, Malta is a hub of global business. With a plethora of prospects for both investors and entrepreneurs looking to shape the future, SiGMA’s Malta Week event will bring together industry giants among the affiliates, operators, and suppliers of the sector.