Updated 4.20pm, adds government statement

Blackrock Media Limited paid a financial penalty of €2.34 million for operating a gaming service through a Maltese legal entity without being in possession of the necessary authorisation, the Malta Gaming  (MGA) said. 

It said in a statement, investigations by MGA and the police determined that the company was processing payments to and from players as part of the unauthorised gaming service. 

The penalty was paid in terms of a settlement reached with the authority in terms of the law.

In a statement, Parliamentary Secretary for Financial Services Silvio Schembri said the penalty was the highest ever given by the authority.

It was "a sure sign", he said, that the country's institutions were working and were effective in their operations. 
 
The fine, he said, proved the credibility and seriousness the authority operated with to safeguard the reputation of the Maltese jurisdiction in the field.
 
Mr Schembri also said this was clear proof of the government’s commitment to implement the recommendations put forward last year in the Moneyval report and in strengthening the measures taken so far by the current administration.

The gaming industry was an important element of Malta's economy and the bar had to continue to be raised for the country to retain the title of "home for gaming excellence".