betuniq_police_sting_reggio_calabria_Malta gaming Sector

Gaming Sector: Malta's reputation tarnished

betuniq_police_sting_reggio_calabria_Malta gaming Sector

In the wake of the recent arrests of stakeholders in the Maltese remote gaming sector, it seems that professional firms and the remote gaming authority did not carry out due diligence appropriately on ultimate beneficial owners of the companies they have registered and represented.  This failure has seriously tarnished Malta’s international reputation.  The Minister of Finances’ declaration this morning that he will seek a review of the due diligence procedures applied by the Gaming Authority is thus appropriate but long overdue. 

Alternattiva Demokratika’s Deputy Chairperson Carmel Cacopardo said that the party is calling for an investigation by the Auditor General into the operations of the Malta Lotteries and Gaming Authority, to establish whether it was too lax when applying due diligence procedures as a result of which organised crime have established a foothold in the remote gaming industry.

Finally Alternattiva Demokratika is calling for the removal of the Maltese fiduciary legislation, making the provision of fiduciary services illegal in Malta. Fiduciary services are services which are generally provided by offshore countries for tax evasion. The corporate veil created by fiduciary services in Malta is unfortunately a stepping stone for an invasion by organised crime.