Philippine Senator Sherwin Gatchalian announced that they are drafting a resolution aimed at conducting an in-depth investigation into the money laundering activities involving banks and other financial institutions by Philippine Offshore Gaming Operators (POGO), as well as related regulatory failures.
Sherwin Gatchalian mentioned that individuals represented by Guo Huaping processed hundreds of millions of pesos through bank transactions without any effective regulation.
He stated: "According to the law, deposits over 500,000 pesos must be declared, but why did Guo Huaping's transactions of 7 billion pesos not attract the attention of the Anti-Money Laundering Council (AMLC)? Why did the banks not fulfill their duty to declare? Clearly, this reflects serious loopholes in regulation."
He further pointed out that money laundering is one of the most concerning issues in POGO-related criminal activities, thus a more comprehensive investigation is needed to uncover the illegal operational methods behind it.
"The money laundering activities in the POGO industry have long been overlooked, and we must take stronger measures to compensate for these regulatory deficiencies," said Sherwin Gatchalian.
Furthermore, Sherwin Gatchalian mentioned that enterprises under Guo Huaping, such as QJJ Farm and QJJ Embroidery Company, might be used as platforms for money laundering. The bank transactions of these companies amount to hundreds of millions of pesos, which is significantly inconsistent with the profitability shown in their financial statements.
Sherwin Gatchalian emphasized that the core goal of the new resolution is to urge banks and financial institutions to improve regulatory mechanisms, ensuring that large-scale financial flows are promptly declared and rigorously scrutinized to prevent illegal activities in the POGO industry from being hidden and spread through the financial system.
He also called on financial regulatory authorities and the Anti-Money Laundering Council to strengthen collaboration to combat money laundering crimes.
This call has once again sparked widespread concern about the impact of the POGO industry and laid the foundation for stricter financial regulatory policies in the future.
