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Malta gambling sector records growth but economic contribution slips
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MGA revenue reports 5 3% revenue drop in 2020 | Finance
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Tumas Gaming has been slapped with a €233,000 fine after an investigation by the Financial Intelligence and Analysis Unit found it had failed to implement measures to address major threats to their money laundering supervision.
Tumas Gaming operates the gaming division within Tumas Group, including the Oracle Casino, the Portomaso Casino, Portomaso Gaming and gaming shops.
The FIAU found that Tumas Gaming Limited had breached money laundering regulations by, among others, failing to conduct proper risk assessments of the risks it was exposed to, particularly in relation to its players.
The second inspection was carried out after it became known that former Malta Gaming Authority CEO Heathcliff Farrugia allegedly colluded with Daphne Caruana Galizia murder suspect Yorgen Fenech to try to prevent the publication of findings of an inspection revealing weak anti-money laundering controls at the Tumas Gaming casinos.
March 8, 2021, 10:53 am ·
The former boss of the Malta Gaming Authority, Heathcliff Farrugia, is facing trading in influence criminal charges after an investigation by Maltese police discovered that he had links with businessman Yorgen Fenech, the man believed to have commissioned the murder of journalist Daphne Caruana Galizia.
Farrugia joined the MGA in 2014 as the regulator’s Chief Operations Officer. He was appointed as its Chief Executive Officer in 2018 to replace long-time incumbent Joseph Cuschieri.
He stepped down from his role in October 2020. His resignation came shortly after he was questioned by police over his alleged links to Fenech.
A property, energy, and gaming tycoon, Fenech is charged with being the
Unibet Takes Cautious Approach to Live Events During 2021 and WPT Returns to Las Vegas
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