The Philippine Amusement and Gaming Corporation (PAGCOR) has welcomed the decision to remove the Philippines from the Financial Action Task Force (FATF) grey list.
PAGCOR stated that the FATF, an international body responsible for combating money laundering and terrorism financing, placed the Philippines on the grey list in 2021 due to “lax implementation of anti-money laundering efforts”.
The grey listing has now been removed, with PAGCOR noting that it will do its part by continuing to strengthen regulations and monitor the local gaming industry.
PAGCOR Chair and CEO, Alejandro H. Tengco, commented: “We are honoured to have played a crucial part in this development, and the public can rest assured that PAGCOR will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations.
“We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators.”
Tengco added that the PAGCOR Anti-Money Laundering Supervision and Enforcement Department (PASED) and the Anti-Money Laundering Compliance Department (ACD) teams will “work even harder, together with other departments and our licensees, to ensure that we never go back to the grey list.”
Over the past year, PAGCOR has taken significant steps to tackle money laundering, including acting on an order by President Ferdinand R. Marcos Jr. which banned POGOs in the Philippines. PAGCOR was instructed to wind down and cease the operations of POGOs by the end of 2024.
Announcing the plans during his state of the nation address in July last year, Marcos stated: “Disguising as legitimate entities, their operations have ventured into illicit areas furthest from gaming, such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture – even murder.
“The grave abuse and disrespect to our system of laws must stop.”
