The Philippines Anti-Money Laundering Council (AMLC) and the Philippine Amusement and Gaming Corp. (PAGCOR) have signed a memorandum of understanding to bolster cooperation around the prevention of money laundering and terrorism financing.
According to Asia Gaming Brief, the agreement was developed in response to perceived risks from the growing Philippine Offshore Gaming Operators (POGO) industry, as well as internet-based casinos and junkets.
“The actionable information that we share with each is important in supporting financial investigations,” said AMLC Chairman Benjamin E. Diokno. “The latest National Risk Assessment notes a high sectoral money laundering threat among designated non-financial businesses and professions—including casinos, which are highly vulnerable.
“This calls for strict enforcement of and compliance to anti-money laundering and counter-terrorism financing policies—urging the full cooperation of covered persons (including casinos) during the conduct of examinations, especially with the rise of POGOs,” he said.
PAGCOR already provides information to the AMLC regarding compliance by the Philippines’ 32 PAGCOR-owned casinos. But it was not until 2017 that casinos became “covered persons” under the country’s Anti-Money Laundering Act, and therefore required to report all single casino cash transactions of more than PHP5 million (US$98,000).
