MGA | FinTelegram News

Category: MGA

December 19, 2022

That’s Malta, Stupid! The EU Should Start To Ask Critical Questions About Money Laundering!

A new study calls Malta a money laundering hub in connection with gambling activities. Nothing new here! In May 2017, whistleblower Valery Atanasov, a former MGA employee, exposed email exchanges that demonstrated that the regulator had broken its own rules between 2012 and 2014 and created "conditions that allow suspicious financial operations, money laundering, and other criminal practices.” Joseph Cuschieri, the then-CEO, was awarded the post of CEO of the Malta Financial Services Authority (MFSA).

December 19, 2022

Shocking! Gambling-Related Money Laundering Via Malta Accounts For 60% Of Total EU Volume!

The authors of a German study on money laundering around onling gambling in the EU have evaluated around 100 Italian investigations into illegal gambling in connection with money laundering over the last 25 years. They conclude that Italian mafia organizations laundered billions in illegally generated assets via online gambling in Malta between 2015 and 2022. Of the €6.7 billion in total assets seized in investigations, €4 billion alone came from online gambling investigations related to Malta. Wirecard also features prominently in these investigations.

October 26, 2022

Looking Into MGA-Regulated Shark77 And Some Money-Laundering Considerations!

FinTelegram has looked at both investment and trading providers and facilitating payment processors over the past few years. The latter are the most important element for the operation of B2C services. Customers need to be able to deposit and withdraw. Very often we have found violations of regulatory requirements and AML/CFT specifications. Going forward, we also want to take a look at gambling schemes from a payment perspective, starting with MGA-regulated Shark77 Limited.

August 25, 2022

Good Friends: Maltese Taxpayers’ Monies Squandered By Malta Gaming Authority

Disgraced Joseph Cuschieri, who led the Malta Gaming Authority (MGA), was busy on a spending spree from taxpayers’ monies. Cuschieri was not just busy touring the world with his friend and colleague Edwina Licari, from public funds but was also promoting himself in flashy magazines. An interview with a Maltese lifestyle magazine owned by Josette Schembri Vella, the wife of Keith Schembri, who was the chief of staff of Malta’s former Prime Minister, did cost taxpayers more than €2,200.

August 19, 2022

Bank of Valletta’s Chairman Raked In €1.4 Million From Government Consulting!

The EU member Malta is different in many ways regarding business ethics and regulation. However, even by the low Maltese standards, it is unheard of that a Chairman of a leading national bank carry out private consultancy work. It is even more questionable when this takes place with the regulator's blessing. The Chairman of Bank of Valletta (BOV), Gordon Cordina, received €1.4 million through his companies, E-Cubed Consultants Ltd and E-Cubed iSlands Ltd, for so-called consultancy work since 2013. Maltese media The Shift revealed this.

August 16, 2022

Bank of Valletta’s Chairman Acting As A Consultant To Malta’s Gaming Authority

Bank of Valletta (BOV) is considered Malta’s largest bank. In October 2020, Gordon Cordina was appointed as Chairman of the bank. Presently, 25% of the Bank's equity is held by the Government of Malta, UniCredit S.p.A. holds 10.20%, and the remaining 64.80% is in the hands of the general public. Fintelegram can reveal and publish proof that the BOV Chairman is a co-owner of Malta-registered E-Cubed Consultants Limited. He owns 50% of this company. E-Cubed Consultants has been receiving around €3,500 per month from the Malta Gaming Authority (MGA) for so-called consultancy services.

August 12, 2022

MFSA’s Edwina Licari And Joseph Cuschieri Splashed Malta’s Taxpayers’ Monies!

Joseph Cuschieri was the CEO of the Malta Gaming Authority (MGA) when he was appointed as CEO of the Malta Financial Services Authority (MFSA) in 2018. Cuschieri decided to be accompanied by his long-term friend Edwina Licari, who joined him from MGA. During their term at MFSA, they traveled on 38 “business” trips together and spent €0.5 million from taxpayers’ monies. During a 2017 trip to Johannesburg, South Africa, they stayed at the luxurious Emperors Palace.

August 11, 2022

Malta’s Gaming Authority splashing taxpayers’ monies on selected advocates

Fintelegram can reveal that the Malta Gaming Authority (MGA) has been using the services of outsourced lawyers rather than its in-house lawyers to defend itself against license holders and selected persons. One of the law firms that is raking in tens of thousands of euros is GVZH Advocates. It is not known how they were selected. Fintelegram is publishing proof that this law firm has been enjoying a hefty retainer for years. The published invoice is addressed to MGA CEO Carl Brincat.

June 15, 2022

Corruption Case: MGA Halted Gaming Applications Linked To Former Bet90 Director Iosif Galea!

Bet 90 Sports Limited d/b/a Bet90 in Malta is regulated by MGA and was a venture of the Veltyco cybercrime organization of alleged cybercrime mastermind Uwe Lenhoff and his partner Betim Tasholli. While Lenhoff died in pre-trial detention in the summer of 2020, Tasholli is currently being tried in Germany. The former MGA official Iosif Galeo used to be the director of Bet90 in Malta. Recently, he has arrested in Italy with an EU arrest warrant. Additionally, he is suspected to be part of an MGA-centered corruption racket.

June 8, 2022

Post From Malta! Bank of Valletta’s Chairman Acting As Consultant To Malta Gaming Authority.

Malta is different! The Chairman of Malta's largest Bank, Gordon Cordina, has a nice side hustle through E-Cubed Consultants Limited, a company registered in Malta and operating from its Mosta offices. Gordon Cordina owns half of the shares of E-cubed Consultants Ltd and serves as a director. His partner is Stephanie Vella. The firm's auditors are RSM Malta Ltd. Fintelegram has received intelligence that clearly shows that Bank of Valletta's Chairman also acts as a consultant to the highly controversial Malta Gaming Authority (MGA).

June 5, 2022

Malta’s MGA CEO Carl Brincat Ignorantly Calls Habanero Due Diligence A “Shitshow”!

The Malta Gaming Authority issued a gaming company's license knowing its ultimate beneficial owner was facing prosecution in Italy for financial crimes. According to documents received by Fintelegram, MGA was aware of criminal investigations against Marcel Boekhoorn and his Habanero Systems Limited during the licensing procedure. In 2019, the Durch billionaire Boekhoorn was accused by prosecutors in Reggio Calabria, Italy, of using "money, goods or assets of illicit origin."

June 3, 2022

Prison Time! German Law Enforcement Goes Against Malta’s Licensed Gaming Firms!

German law and tax enforcement agencies have recently started investigating international iGaming companies operating in Germany. Several MGA-regulated Malta-based iGaming companies received letters from the German tax authorities. iGaming operators are subject to German VAT and sports betting tax if the German market is targeted. Not reporting these taxes is seen as tax evasion and thus a criminal offense and causes liability for the directors such as Iosif Galea. He was arrested!