The Philippines need to “exert more diligence” in ensuring “strict enforcement” of anti-money laundering (AML) controls in casino operations, says a national lawmaker.
House of Representatives member Ruwel Peter Gonzaga told the Philippine Inquirer that the country remains on the “grey list” of the Paris-based Financial Action Task Force (FATF). The global watchdog flags jurisdictions that don’t adequately protect against financial crimes, including money laundering and terrorism financing.
According to GGRAsia, Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corp. (PAGCOR), said in July that the country is working to improve AML protocols in order to be removed from the FATF list. It first ranked on the list in June 2021.
In June 2023, FATF said the Philippines have “taken steps” towards better protections, but needs to “mitigate risks associated with casino junkets.”
Gonzaga said the country is “still lacking in terms of the prosecution (of) cases.” He added, “We are still on the grey list… (but) we are about to exit the list next year.”
Aside from more prosecutions of financial crimes, he said, “We also need to have more mechanisms on cross-border control especially with the bulk cash that comes in and out of customs.”
In January, the governor of the Philippine central bank said the country has been given a year extension to meet the financial standards needed to get off the FATF risk list.
