A Philippine lawmaker, Ruwel Peter Gonzaga, has emphasized the need for strict enforcement of anti-money laundering (AML) controls in casino operations to facilitate the country’s removal from the Financial Action Task Force (FATF) ‘grey list.’ The FATF had placed the Philippines on the ‘grey list’ in June 2021, highlighting the necessity to mitigate risks related to casino junkets.
AML Controls in Casino Operations:
Lawmaker Ruwel Peter Gonzaga stressed the importance of exerting more diligence and ensuring strict enforcement of AML controls within casino operations. This is seen as a critical step for the Philippines to enhance its efforts to combat money laundering and related financial crimes.
Efforts to Exit FATF ‘Grey List’:
The Philippines aims to remove itself from the FATF ‘grey list’ through enhanced AML measures. Alejandro Tengco, Chairman and Chief Executive of the Philippine Amusement and Gaming Corp (Pagcor), emphasized the urgency of this goal in order to address concerns related to casino junkets and meet international AML standards.
Challenges and Measures:
Lawmaker Gonzaga acknowledged the need to enhance prosecution cases related to money laundering and terrorism financing. Additionally, he emphasized the importance of registration for ‘covered persons’ and the implementation of mechanisms for cross-border control, especially regarding bulk cash movements.
FATF ‘Grey List’ Extension:
The Philippines received a year-long extension until January 2024 from the FATF to meet the financial standards required for removal from the ‘grey list.’ This extension underscores the need for expedited efforts and enhanced AML measures in various sectors, including casinos.
Efforts to enhance AML controls within the casino industry and across various sectors are critical for the Philippines to achieve its goal of exiting the FATF ‘grey list’ and demonstrating its commitment to combatting financial crimes effectively.