An association of iGaming companies based in Malta has called for “clear and decisive action” to hold money launderers in the industry accountable following a series of scandals in recent weeks.
An iGEN spokesperson said: “The actions of the few are impacting negatively the second largest industry in Malta, which represents over 13% of the country’s GDP. “
“These have resulted in higher costs, an increase in operational complexity, loss of business and substantial reputational damage.
Malta is often referred to as the “online gaming capital of the world” but for several years has been at the centre of allegations of infiltration by organised crime.
Earlier this month Italian prosecutors alleged that the Malta-based site RaiseBet24.com laundered $74.2 million for the Cosa Nostra.
Italian law enforcement bodies also authorised the investigation of 336 individuals, resulting in 23 arrests. Assets worth $95.8 million were frozen in three countries.
“A number of individuals in prominent political positions, as well as senior officials at key industry regulators have been implicated in crimes and/or have been accused of colluding with local business leaders,” said iGEN.
“iGEN condemns all acts of corruption, money laundering and fraud, and welcomes transparent and thorough investigations to eliminate all the individuals, companies and representatives from any position of influence.”
Meanwhile a decision is expected in weeks as to whether Malta will be greylisted for AML failings. It has been working to implement 58 recommendations made by Moneyval to improve its controls.
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