Malta-based online gambling firm under scrutiny over Panama Papers

A Malta-based online gambling firm that employs more than 80 employees is being subjected to rigorous scrutiny for its operations in Belgium following an investigation connected to the Panama Papers.  The Belgian Gaming Commission a few days ago announced it had started a sanction procedure against Betway because of its “cumulative licence and the lack of transparency of its ownership”. A spokeswoman for the Belgian regulator, Marjolein De Pape, said the commission’s findings were now sent to the public prosecutor, the anti-money laundering unit and the Special Tax Inspectorate for further information and possible action. A probe on Betway was launched in 2017 after the company’s mentioning in the Panama Papers, which detailed an opaque corporate structure of companies looking to minimise their tax obligations in various countries. Licensed by the Malta Gaming Authority, Betway, registered in Malta and operating from offices in Gżira, is owned by Betway Group Ltd, registered in the British Virgin Islands and Cybergaming Consultants, a Ta’ Xbiex company, which only holds a nominal share. The identity of the real shareholders of the company, registered in the tax haven of the...