The Filipino Amusement and Gaming Corp (PAGCOR) has received a tap on the back. Its attention to anti-money laundering (AML) policies inwards the country has earned it a commendation from the country’s AML watchdog.
PAGCOR has a lot of activity to manage. It operates several casinos in the Philippines but also oversees most of the country’s operators. In spite of the severe wallop of the COVID-19 pandemic, PAGCOR has allay attempted to pee sure everyone follows the Philippines’ AML rules.
The National Anti-Money Laundering/Combating the Financing of Terrorism Coordinating Committee (NACC) has singled come out PAGCOR for its AML efforts. It conducted an online demonstration of its commendation, presented to PAGCOR chairman and chief executive Andrea Domingo.
[PAGCOR ensures] that the Philippines testament non in any way condone any illegal activity that will derail the AMLC’s defend against money laundering for the financing of terrorism,” said PAGCOR chief Andrea Domingo.
The acknowledgment comes only if a few days after PAGCOR reiterated its sustenance of local communities. It proclaimed finally year that it would pass PHP2 1000000000 (US$39 million) to build evacuation centers crossways the Philippines. This was inwards spite of COVID-19-induced economical hardships. Each of the centers costs around PHP50 zillion ($977,000).
Grey Listing
Several transactions involving the Philippines’ financial sphere have been topic to more scrutiny. This is inwards spite of the fact that no countermeasures were required after the Financial Action Task Force (FATF) placed the country on its “greylist” inwards June of finally year.
When the FATF added the Republic of the Philippines to its grey-haired list, it required the rural area to show that it had made important progression inwards tightening AML and counter-terrorism funding (CTF) measures.
At that time, the FATF did non require enhanced due industry inward transactions involving countries below increased surveillance. However, the world-wide watchdog, led past the G-20 countries, encouraged countries to deal entropy near the weaknesses of these jurisdictions inward their risk of infection analyses.
NACC Calls Out the FATF
The NACC stated that Filipino entities hold been case to de-risking and changes in their banking relationships since the inclusion of the land inwards the FATF’s listing of jurisdictions.
The FATF’s International Cooperation Review Group’s (ICRG) procedures province that countries are only when allowed to utilise seize countermeasures when requested past the watchdog. However, NACC stated that the reports demonstrate clearly that the FATF is stretching its authority.
These include requiring financial institutions to utilise sure elements of enhanced diligence. They also obligate the institutions to review, amend, or terminate newswriter relationships.
The Philippine Islands was on the FATF’s black book from 2000 to 2005. During that period, the country began working on policies to improve its image.
Even before falling on the gray-headed lean utmost year, it had introduced unexampled amendments to its AML Act. These were designed to specifically tabulator the FATF’s scrutiny. Moreover, it has continued to reward those policies through and through the unexampled year.
This news is produced to you by the 918Kiss Malaysia.