The Philippines celebrated achieving its 18-point action plan set by the FATF and moving significantly closer to exiting the global AML grey list.
It’s a list that can be substantially detrimental for countries, which when they are on it face increased monitoring and political oversight.
Given the importance of the Philippines to the Asian gambling ecosystem, progress being made in the country’s exit from the grey list will be widely celebrated by the region.
President Bongbong Marcos and the PAGCOR have been decisive in taking action against illicit actors in the Philippines, banning POGOs and looking to improve the conditions for the regulated sector.
The FATF has commenced with its initial assessment over whether necessary measures have been taken in the Philippines in order to progress with its removal from the grey list, which could be cemented by 2025.
Executive Secretary of the Philippines’ Anti-Money Laundering Council, Lucas Bersamin, stated: “This is the final step toward the country’s removal from the greylist.
“This milestone is a testament to the hard work and coordination across government agencies. It reflects our strong commitment to meeting the FATF’s stringent standards and ensuring the long-term protection of our financial system. We are confident that this progress will be affirmed during the on-site visit.
“We must continue our efforts to ensure that our reforms are implemented and sustained. Building a resilient AML/CTF regime is critical for safeguarding our financial system and our economy from illicit activities.”
The country’s gambling sector has embarked on something of a transformational period following Marcos decision to elevate action on the POGOs.
Speaking at his state of the nation address, Marcos said: “Disguising as legitimate entities, their operations have ventured into elicit areas beyond gaming, such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture – even murder.
“The grave abuse and disrespect to our system of laws must stop. It is necessary to stop this disturbance in our society, and the desecration of our country.”
