A Maltese judge, Toni Abela, has ordered the annulment of the 387.000 euro fine contested by the Financial Intelligence Analysis Unit (FIAU) against the Malta-based company Online Amusement Solution Limited for violating anti-money laundering regulations.
The fines imposed by the Anti-Money Laundering Authority have been described as “completely illegal” as the body does not offer the protections guaranteed by national legislation and the European Convention, a judge has ruled.
For the judge, they are punitive and quasi-criminal sanctions and must be issued by a legal body that guarantees fundamental rights, not least that of being tried by an independent and autonomous court.
“It is abundantly clear to anyone that these punishments are completely illegal because they are not sanctioned by any law and the law prevails over everything and applies to everyone,” he said.
The case was brought to court by gaming company Online Amusement Solution Limited which was fined almost €2022 by the FIAU in January 387.000 for breaching anti-money laundering regulations following an on-site inspection carried out in 2019.
The FIAU had said it had found the company had failed to report suspicious activity or properly monitor players.
The Birkirkara-based company owns several betting sites, including Champions Bet, Tip Bet and Bet 14.
The company took the matter to court claiming that its fundamental rights had been violated.
The court revoked the fine imposed by the FIAU and ordered it to pay the gaming operator €20.000 in compensation.
The court found that the fine was so punitive that it could force the appellant company to go out of business.
