The Philippines has taken a major step to improve its anti-money laundering procedures by being removed from the Financial Action Task Force’s (FATF) gray list. Alejandro Tengco, chairman and CEO of Philippine Amusement and Gaming Corp (Pagcor), highlighted the regulator’s contribution to this accomplishment and promised to keep working to stop similar mistakes in the future.
On Friday, the Philippines was formally taken off the FATF’s gray list after more than three years. This list contains countries that are being closely watched because of worries about money laundering. Following the nation’s enhancements to its anti-money laundering and counter-terrorism financing (AML/CTF) framework, the decision was made.
FATF President Elisa de Anda Madrazo praised the country’s progress. “Amongst other efforts and results, the Philippines is now actively combating the risk of dirty money flowing through casinos in the country,” she said, as quoted by the Philippine News Agency. She also noted that the nation must sustain its AML/CTF reforms.
Pagcor, which regulates both land-based and online gaming operations, played a vital role in meeting FATF’s compliance requirements. According to the watchdog, the Philippines has strengthened its AML/CFT regime by addressing deficiencies identified in June 2021. Measures included enforcing stricter controls on casino junkets, a key risk area.
Commitment to Continued Compliance
Following FATF’s announcement, Pagcor reaffirmed its commitment to maintaining strict compliance. “We are honored 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,” Tengco said.
He also stressed that Pagcor’s anti-money laundering units would work harder to ensure the country does not return to the grey list. “We 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,” he stated.
The country’s removal from the grey list is expected to have economic benefits. Executive Secretary Lucas Bersamin, who chairs the National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee, highlighted the impact on foreign investment. “Our well-earned exit from FATF’s grey list boosts our drive to attract job-creating, growth-inducing foreign direct investments,” he said.
Additionally, Bersamin noted that cross-border transactions would now be “faster and cheaper,” further enhancing the country’s business environment.
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