Malta Gaming Authority Effectiveness Questioned

Published Saturday, August 01, 2015 - Online-Casinos.com
Malta Gaming Authority Effectiveness Questioned

Malta can be considered a regulatory model for online gambling services in the industry. That good reputation was recently jeopardised by the scandal involving some Italian gangsters who were arrested recently for illegal internet gambling fraud. The island has developed a dependence on the online  gambling industry which it guards closely and with this lapse in due diligence by the regulator of internet wagering it has been suggested that it could have some dire consequences.

The notorious syndicate ’Ndrangheta Calabrian and its gambling empire was licensed by the Malta Gaming Authority which is now being questioned in the media about the organization’s apparent lapse in its usual strict regulatory practice.

The Malta Times has been reporting about the consequences of the relaxed attitude of the regulatory group. “Malta’s new economy industries face major risks of being blacklisted by some mighty jurisdictions like those in the US and the EU unless the local authorities tighten their grip and show they are in control of what gets done by these companies,” the paper maintains, “This tightening will hurt the economy as less reputable operators would be weeded out with a loss of jobs and other ancillary economic benefits.” “The reputation of a small island economy can be very fragile,” the Malta Times continued,  “It needs to be protected against abuse by unscrupulous operators who use the advantages that the government and regulators offer to attract new industries.”

Responding to the critical report the Parliamentary Secretary Jose Herrera denied that the regulatory body has let its standards lapse. “On the contrary,” Herrera stated, “we have tightened our due diligence even more in the last months. However, there will always be the case of some bad apples.” Three more licenses have been suspended by the Malta Gaming Authority in the case, those being Fenplay, Soft Bet Limited and Soft Casino Limited, which have now have been suspended indefinitely.

 

 

 

 

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