• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 19 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Financial Action Task Force says Philippines improving but still on global AML “grey list” for now

Ben Blaschke by Ben Blaschke
Sun 30 Jun 2024 at 13:47
Philippines casino GGR up 630% quarter-on-quarter in 3Q20
25
SHARES
621
VIEWS
Print Friendly, PDF & Email

Global AML watchdog the Financial Action Task Force (FATF) confirmed Friday that the Philippines is still on its “grey list” of jurisdictions under increased monitoring but acknowledged it has taken significant steps towards improving its AML/CFT regime.

The update followed the conclusion of the sixth and final Plenary of the FATF under the Presidency of T. Raja Kumar, which saw delegates from the FATF’s global network of over 200 jurisdictions and observers from international organizations participate in three days of discussions on key money laundering, terrorism financing and proliferation financing issues in Singapore.

While two countries, Jamaica and Türkiye, were removed from the “grey list”, the Philippines is one of 21 nations still under increased monitoring, despite the FATF stating it had demonstrated an increase in money laundering investigations and prosecutions in line with risk. The Philippines had also highlighted enforcement of beneficial ownership transparency obligations and law enforcement access to those beneficial ownership data records, and that risk-based supervision of DNFBPs (designated non-financial businesses and professions) is occurring.

However, “the Philippines should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets; (2) applying cross-border measures to all main sea/airports including detection of false declarations of currency and confiscation action in line with risk; and (3) demonstrating an increase in the prosecution of terrorism financing cases in line with risk.

“The FATF urges the Philippines to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in January 2023.”

As previously reported by Inside Asian Gaming, the Philippine government has stated its intention to fulfil all requirements for removal by the end of 2024, with President Ferdinand Marcos Jr late last year issuing a Memorandum Circular directing 44 government agencies, including PAGCOR, to “review and assess” their requirements and take all necessary actions to ensure the country exits the “grey list” within the stated timeframe.

PAGCOR Chairman and CEO Alejandro Tengco revealed at G2E Asia in early June that he had appointed the regulator’s new President and COO, Atty. Wilma Eisma, to “personally oversee” its efforts to ensure the country is removed from the FATF’s grey list as soon as possible.

RelatedPosts

Editorial – Land of sunshine

DigiPlus warns of consequences in banning online gaming as shares suffer another big fall

Thu 17 Jul 2025 at 06:43
Philippine gambling operators now required to run all advertisements by Ad Standards Council before airing under new PAGCOR MoU

Philippine gambling operators now required to run all advertisements by Ad Standards Council before airing under new PAGCOR MoU

Wed 16 Jul 2025 at 19:10
Don’t stop moving

Philippines central bank looking to impose daily cash, time limits on transactions for online gambling

Tue 15 Jul 2025 at 05:49
European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

Tue 15 Jul 2025 at 05:24
Load More
Tags: anti-money launderingFinancial Action Task ForceGaminggrey listJunketsPAGCORPhilippines
Share10Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

by Ben Blaschke
Fri 18 Jul 2025 at 11:11

Star Entertainment Group’s Hong Kong partners are reportedly looking to replace Star with its local rival Crown Resorts as operator of the casino at Queen’s Wharf Brisbane should the partners complete a deal to acquire Star’s 50% stake in the...

Inside Thai IRs

Las Vegas Sands’ Patrick Dumont says Thailand needs “regulatory clarity, long-term vision” to fulfil entertainment complex ambitions

by Ben Blaschke
Fri 18 Jul 2025 at 06:02

The President and Chief Operating Officer of Las Vegas Sands Corp, Patrick Dumont, has highlighted the concerns of international investors around Thailand’s stalled push to legalize casino gaming, noting the need to ensure “regulatory clarity” and “long-term vision”. He also...

Melco awarded 20-year license to operate City of Dreams Sri Lanka

Bollywood star pulls out of City of Dreams Sri Lanka opening but flagship event to continue as planned

by Newsdesk
Fri 18 Jul 2025 at 05:51

Melco’s City of Dreams Sri Lanka will hold its Grand Opening on 2 August, but will have to do so without the presence of the event’s main attraction after Bollywood star Shah Rukh Khan was a late withdrawal. Khan’s agency...

SJM and Macau police hold large-scale drill simulating casino robbery

SJM and Macau police hold large-scale drill simulating casino robbery

by Pierce Chan
Thu 17 Jul 2025 at 12:37

Six government departments including Macau police agencies held a large-scale drill in partnership with SJM Resorts on Wednesday in which they simulated a bomb threat and armed robbery at a casino. The exercise, named “Wolf Capture 2025”, involved the Unitary...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English