Certain providers of fiduciary services might have a “very shallow” interpretation of due diligence.
Gaming companies must not be allowed to avoid public scrutiny through the use of nominee shareholders, financial consultant Paul Bonello is warning.
“Unless the gaming industry is tightly regulated it could lend itself to being utilised as a ‘lawful’ means of integrating ill-gotten funds,” he said.
“The risk with this happening is that any ensuing damage might spill over and impact the entire financial services industry, not merely gaming companies.”
Mr Bonello, who is also managing director of diversified financial services company Finco Trust, expressed these views in the wake of allegations that six Maltese gaming companies were linked to the Mafia.
Their names surfaced in a money laundering probe by Italian authorities as part of a crackdown on the Calabrian Mafia, known as ’Ndrangheta.
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