The Philippines Central Bank could be set to intensify its framework around gambling activity through proposed changes to the nation’s digital marketplace.
At the heart of the regulation is providing banks and Electronic Money Issuer license holders with enhanced authority over digital marketplaces, which includes the gambling industry.
The proposal states: “The activities in a digital marketplace operated by a bank or EMI shall be limited to the offering of its own products and services and/or presentation or display of the products and services of PSPs.”
Specifically, the bill stated that products and services that are associated with gambling activities will be prohibited.
Furthermore, it identified these as potentially “undermining the reputation of the marketplace participants and the financial system”.
Off the back of a period of significant regulatory change in its gambling industry that saw the government take the landmark step to outlaw POGOs, the Philippines was removed from the Financial Action Task Force (FATF) grey list.
It brought an end to a period of increased monitoring under the FATF Anti-Money Laundering (AML) framework.
Key steps taken included demonstrating effective risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs), enhancing casino junket oversight and implementing stringent registration requirements for Money and Value Transfer Services (MVTS).
“The FATF Plenary congratulated the Philippines for the positive progress in addressing the strategic AML and countering the financing of terrorism and proliferation financing deficiencies previously identified during their mutual evaluations,” a FATF statement read.
“The Philippines has completed their Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.”
To maintain its momentum, the FATF has urged the Philippines to continue collaborating with the Asia/Pacific Group on Money Laundering (APG).
Executive Secretary Lucas Bersamin, commented: “Our well-earned exit from the FATF’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments.
“This hard-fought administration win in its battle against money laundering will be preserved and protected through consistent compliance with global standards.”
