President of the Philippines Urges Removal from Money Laundering Grey List

Posted on: January 9, 2024, 12:54h.

Last updated on: January 8, 2024, 04:21h.

Philippines President Ferdinand “Bongbong” Marcos Jr. started 2024 by enhancing efforts to improve money laundering safeguards and terrorism financing defenses in Southeast Asia. This move has significant ramifications for the country’s gaming industry.

Philippines casinos money laundering
Philippines President Ferdinand Marcos Jr. is making money laundering safeguards a priority in 2024. This year, he wants the Philippines off the Financial Action Task Force’s grey list. (Image: Reuters)

Following the Philippines’ addition to the Financial Action Task Force’s (FATF) “Increased Monitoring” list last fall, President Marcos has instructed relevant government agencies, including the Philippines Amusement and Gaming Corporation (PAGCOR), to focus on improving anti-money laundering and terrorism financing policies.

Marcos has set the ambitious goal of removing the Philippines from the FATF grey list by October 2024.

Gaming Impact

The move carries significant implications for the Philippines’ gaming industry, which has long faced scrutiny over inadequate measures for preventing money laundering. This has particularly been an issue with casinos, which initially were excluded from the country’s Anti-Money Laundering Act (AMLA) of 2001.

“Initially, casinos were exempted from the AMLA because their inclusion would supposedly adversely affect their profitability, and in the process, reduce their contributions to various social causes,” Raul Palabrica, chair of the Philippine Daily Inquirer, wrote this week.

Following pressure from FATF, lawmakers amended the anti-money laundering law to cover the country’s gaming industry. Since 2017, the AMLA applies to brick-and-mortar casinos and offshore online gaming sites based in the Philippines.

Source link

Leave a Comment