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The Philippine Amusement and Gaming Corporation (PAGCOR) has stated that it will make every effort to be removed from the global FATF anti-money laundering watchdog list.
The Philippines was added to the FATF grey list in June 2021 and AML regulatory authorities are still observing their every step. According to the FATFs report, the Philippines only addressed 8 issues out of 18 related to anti-money laundering (AML) and counter-terrorist financing (CFT) by the January 2023 deadline. To counter these issues, the chairman and CEO of PAGCOR, Alejandro H.Tengco, during a speech at the Sigma Asia expo, made a statement, “I cannot overemphasise the need for our country to be delisted from the grey list, as it affects not only the gaming industry but also negatively impacts our country’s trade, commerce, and financial standing in the world.”
As an operator and regulator in the PAGCOR, Tengco committed that he will now focus on a “purely regulatory role” and implement various regulations to comply with anti-money laundering obligations. He also mentioned the implementation of advanced measures to combat illicit activities.
To prevent money laundering in the gambling industry and curb the buzz in online gaming, he launched a new platform called casino filipino. They understood that the US and UK have a vast market for growth, but multiple options surrounded them, and newcomers had poor opportunities for growth. That’s why he launched this advanced technology platform to attract new players around the world, and they will participate in the virtual gaming environment.
PAGCOR also stated, “The country’s total gross gaming revenue for the first half of 2023 reached PHP 136.37 billion (USD2.5 billion), representing a 48 per cent year-on-year increase. The full-year estimate is expected to reach 94 per cent of the record-breaking pre-COVID year 2019.”