Progress in Philippine gaming AML rules: regional watchdog

The Philippines has made some progress in the regulatory framework for its land-based and online casino sectors, says the financial watchdog the Asia/Pacific Group on Money Laundering (APG).

The information was in the third follow-up report on a mutual evaluation of the country, dated July, but only publicised this week. The mutual evaluation process had begun in 2018, with the first report issued in the following year.

“The Philippines has… addressed gaps in fit and proper checks for Pagcor supervised casinos,” said the watchdog, referring to that nation’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor).

In June, the Paris-based watchdog the Financial Action Task Force (FATF) said the Philippines remained on its so-called ‘grey list’ of jurisdictions that require extra monitoring in relation to risk of financial crimes.

Nonetheless, the Asia/Pacific Group said in its latest update: “Pagcor, for casinos, and the Anti-Money Laundering Council, for all designated non-financial business and professions, have continued to develop their frameworks for risk-based anti-money laundering/combatting the financing of terrorism supervision”.

Source: https://www.ggrasia.com/progress-in-philippine-gaming-aml-rules-regional-watchdog/