The Philippine Amusement and Gaming Corp. (PAGCOR) has earned a commendation the country’s Anti-Money Laundering Council (AMLC) for its “invaluable contribution” to the fight against money laundering and terrorism financing.
The commendation was received by PAGCOR Chairwoman and Chief Executive Andrea Domingo in an online ceremony. In accepting the recognition, Domingo said PAGCOR is committed to ensuring that “the Philippines will not in any way condone any illegal activity that will derail the AMLC’s fight against money laundering for financing of terrorism.
She said PAGCOR has been “proactive in conducting outreach programs to its licensees in order to promote a better understanding of their duties and obligations” under the country’s Anti-Money Laundering Act.
Benjamin Diokno, head of the country’s central bank, said the country has made progress in AML efforts “in spite of” its recent inclusion on the gray list of the global watchdog Financial Action Task Force (FATF).
According to GGRAsia, the Philippines was added to the gray list in June of 2021, with the FATF making a follow-up plea in October for the country to step up its oversight of casino junkets. Prior to 2017, casinos were not subject to AML laws in the country.
