A review of the existing regulatory regime for Maltese-registered gaming and fiduciary companies is under way, the Finance Minister said yesterday in the wake of the Mafia links which allegedly emerged in a recent sweep by the Italian police.

“We will be reviewing structures and the manner in which due diligence is being carried out,” Prof. Edward Scicluna told the Times of Malta.

“Existing rules have to be enforced but if government feels it has to strengthen the existing framework it will do so,” he added.

The Finance Minister was asked if the government was concerned that Malta’s reputation was at risk, especially in the iGaming sector, which accounts for about 12 per cent of the country’s GDP.

Last week six Maltese companies had their assets seized after the Italian police descended upon alleged illegal gaming activities linked to the Calabrian Mafia ’Ndrangheta.

This prompted the Malta Gaming Authority to withdraw three licences linked to Uniq Group (Betuniq) and Betsolution4u – two of the companies whose names surfaced in this probe.

“I can assure you government has taken immediate action and I also consulted the Prime Minister on this issue,” Dr Scicluna said.

The government, he added, wanted to put people’s minds at rest on its commitment to fight criminals who might hide behind Maltese-registered companies, especially those who provide fiduciary services.

If government feels it has to strengthen the existing framework it will do so

Still, he acknowledged that some businesses were “riskier” than others, although he did not elaborate.

Prof. Scicluna expressed hope that in the coming weeks the government would be in a position to announce a series of measures which would also safeguard the jobs of those who earned a living through “legitimate” means.

“Government is monitoring all intelligence from this case and will then implement measures accordingly,” he said

The Sunday Times of Malta revealed that Mario Gennaro, the alleged mastermind behind the Mafia scheme to use gaming companies for money laundering, had ended up in Malta to evade the Italian authorities, which had been monitoring him for years.

His organisation allegedly focused on money laundering, illegal gambling and tax avoidance, using companies and offshore servers to avoid the Italian tax authorities.

The Italian police identified Uniq Group, Uniq Shopping, Tebaral Holding, Tebaral Trading, Betsolution4U and Fast Run Limited as part of the network linked to the organised crime syndicate.

One of the names that emerged in this probe was that of David Gonzi, son of former Prime Minister Lawrence Gonzi, who has a one-third shareholding and directorship in GVM Holdings, a company that provides fiduciary services. His presence has been cited by Italian investigators as proof of the Mafia’s ability to forge links with the highest echelons of society.

Dr Gonzi has insisted his participation in the structure was limited to holding shares on behalf of a third party, which was disclosed to the authorities, and providing legal services to one of the companies last year. His contract with one of the betting companies, BetSolutions4ULtd, started in October 2013, but following last week’s developments he terminated his legal services.

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