The Philippines continues to make significant progress in combating money laundering and terrorism financing, according to the Asia/Pacific Group on Money Laundering (APG).
Major Improvements in AML/CFT Frameworks
The regional inter-governmental body, of which the Philippines is a founding member, said in its latest report that the country, through its gaming regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), had addressed gaps in fit and proper checks for its licensed casinos.
In June 2021, the Philippines was among countries added to the grey list of jurisdictions placed under enhanced monitoring over financial crime risks by the Paris-based watchdog, the Financial Action Task Force (FATF).
While the country remains on that list a year later, the APG noted in its latest update that the relevant government agencies, including PAGCOR and the Anti-Money Laundering Council, have improved their respective regulatory frameworks to minimize the risks of money laundering and terrorism financing.
The Philippines agreed to a mutual evaluation with the APG in 2018, with the body releasing its first report in 2019. The latest report, which was published just last week, is the third update in the ongoing mutual evaluation.
iGaming Sector Has Grown Significantly
The regional watchdog also stated that the country’s online gaming sector has achieved major progress since its initial report, with changes introduced to its AML/CFT rules for offshore operators.