Philippines President Wants Country Off Money Laundering Grey List

Philippines President Ferdinand “Bongbong” Marcos Jr. began the young year with an increased centering on up the Southeast Asia nation’s money laundering safeguards and defenses against act of terrorism financing.

Last fall, the Financial Action Task Force (FATF) added the Philippine Islands to its “Increased Monitoring” list, commonly referred to as the FATF “grey list.” Included countries are encouraged to “address strategical deficiencies inward their regimes to counter money laundering, terrorist financing, and proliferation of financing.”

During in conclusion week’s meeting with the Philippine Islands Anti-Money Laundering Council, Marcos directed the citizens committee and all relevant administration agencies, including the Philippine Islands Amusement and Gaming Corporation (PAGCOR), to prioritize addressing anti-money laundering deficiencies and terrorist act financing shortcomings.

PAGCOR is responsible for(p) for regulating commercial casinos inward the Philippines. The government office additionally runs casinos owned past the government.

The President reiterated the government’s high-level political dedication and directed all authorities agencies concerned to stringently call the remaining strategical deficiencies identified by the FATF inward relation to the hoar listing of the Philippines,” AMLC Executive Director Saint Matthew Saint David said.

Marcos circle the end of the FATF removing the Philippines from the grayish heel past October 2024.

Gaming Impact

The Philippines has a lengthy account of cladding critique for not adequately protecting its financial institutions from existence used for unscrupulous reasons. Much of the disceptation has dealt with casinos in the country, which weren’t ab initio included under the orbit of the nation’s Anti-Money Laundering Act (AMLA) of 2001.

“Initially, casinos were exempted from the AMLA because their comprehension would supposedly adversely impact their profitability, and inwards the process, cut down their contributions to various social causes,” Raul Palabrica, chairman of the Philippine Daily Inquirer, wrote this week.

After pressure sensation from FATF, Philippine Islands lawmakers amended the anti-money laundering practice of law to hold the computer code to the country’s gaming industry. Since 2017, the AMLA has applied to brick-and-mortar casinos and offshore online gaming sites that are go from the Philippines.

PAGCOR is the primary government agency tasked with assuring that casinos are adhering to the AMLA. It’s no easygoing task, however, as casinos often trade with whales who seek to bound the exposure of their identity operator for assess and security department purposes.

The chore has only escalated inward reach after PRC forced VIP junket groups out of Macau on concerns that the locomote organizers for high-pitched rollers acted as money laundering facilitators for the Chinese mainland’s wealthiest residents. Many of the junkets that did concern inwards Macau get moved to to a greater extent welcoming operating climates, with the Philippines reportedly a leading destination.

Black List Threat

The longer the Philippines remains on the FATF “Increased Monitoring” list, the likelier its chances of beingness placed on the task force’s so-called “black list.” Officially known as the “High-Risk Jurisdictions” list, the smutty heel includes countries with “serious strategic deficiencies.”

The FATF calls on its members to “apply enhanced due diligence” when dealing with blacklisted nations and to “apply counter-measures to protect the international financial system.”

There are precautions for being on the grey list, because the longer we are on the white-haired list, the bigger the possibility or the higher the risk of exposure that we testament move into the blackness list. Of course, we don’t want to follow a blacklisted jurisdiction. If we will be on the opprobrious list, thither are repercussions to that and 1 of the repercussions is the essence on our transactions of our abroad Filipino workers,” St. David said.

David revealed that an 18-point activity contrive to beef up anti-money laundering protocols and bring down the opening of financing terrorism has been deployed across relevant governmental agencies.

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