DFNN says Philippines making efforts to address its inclusion on FATF gray list

According to Ramon Garcia Jr., the Executive Chairman and Founder of DFNN, the Philippines is making efforts to remove its listing on the Financial Action Task Force’s (FATF) gray list.

At the ASEAN Gaming Summit in Manila, Garcia participated in a panel discussion on Investment Outlook: Philippines vs. Asia and acknowledged that advances in technology would soon make it possible to monitor money used for illicit activities.

Due to worries about junket operators, insufficient money laundering prosecutions and investigations, and support for terrorism, the Philippines was added to the FATF’s gray list. A recent evaluation verified the Philippines’ listing on the list, even though the president of the Philippines ordered the Anti-Money Laundering Council (AMLC) and related organizations to take action to be delisted by October.

The Asia Pacific Group on Money Laundering conducted a mutual assessment and found 18 shortcomings in the Philippines’ anti-money laundering measures, eight of which were still open as of January 2021. As a result, the nation decided to put the Philippines back on the gray list in June 2021.

Garcia expresses doubt about these trends, pointing out that there have been instances in the past of lax stock market regulation in the Philippines and asserting that certain Western conclusions may not always be accurate.

Garcia expressed confidence in the investment climate and future prospects of the Philippines. He highlighted the remarkable growth of the Internet, particularly in the online gaming sector, which has made the Philippines a significant player in this market.

Original story by: Asia Gaming Brief