Malta is still facing the issues of money laundering and tax evasion, which prevent the country from further development in the gaming industry.
An investigation regarding anti-money laundering conducted in Italy has led the country’s authorities to gaming companies licensed in Malta. During this investigation, Italian Financial Police arrested sixty people and seized illegal funds amounting to one billion euros.
According to the results of the research, the high speed of the global economy partly interferes with enforcing tax legislation.
The Tax3, the European Parliament’s Special Committee, decided to investigate this pace and its influence on tax legislation. Their reports state that seven EU countries (Ireland, Cyprus, Belgium, Luxembourg, the Netherlands, Hungary, and Malta) have shortcomings in their tax systems. Consequently, this issue does not allow to form the integral European market.
Thus, for Malta, it is extremely important to repair its reputation in that respect. The country’s authorities have worked hard to create an essential gaming center. However, all the efforts will go for naught if the EU steps in to take control of the gaming industry.
As mentioned earlier, the Malta Gaming Authority introduced a Sports Integrity Unit. It will be responsible for combating the issue of manipulation during sports events.