Philippines Removed from FATF Grey List
The Most Important Points at a Glance
The Philippines have been removed from the Financial Action Task Force (FATF) Grey List after more than three years. This list includes countries under special observation due to insufficient measures against money laundering and terrorist financing. The decision is based on the country’s progress in improving its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework. The Philippine gaming authority, Pagcor, played a crucial role in implementing the required measures.
Pagcor Emphasizes Its Role in the Reform
Alejandro Tengco, Chairman and CEO of Pagcor, stated that the authority significantly contributed to meeting FATF requirements. A key focus was on stricter controls of casino junkets, which had been identified as a risk area. Pagcor regulates both land-based and online gambling operations and is committed to ensuring compliance with all AML/CTF regulations.
FATF Praises the Philippines’ Progress
FATF President Elisa de Anda Madrazo confirmed the country’s progress. She emphasized that the Philippines are now actively combating money laundering in the gambling sector. At the same time, she warned that the reforms must be maintained in the long term to prevent future issues.
Economic Impact of the Decision
The removal from the Grey List could bring economic benefits. Executive Secretary Lucas Bersamin, Chairman of the National Anti-Money Laundering Committee, stated that the decision would strengthen foreign investor confidence. Additionally, cross-border transactions could become faster and more cost-effective.
Our Assessment
The Philippines have taken an important step by implementing stricter AML/CTF measures. Pagcor, in particular, has played a key role as a regulatory authority. The challenge remains to uphold these standards in the long run. For the gambling industry, this means a more stable regulatory environment that benefits both investors and players.
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