The Anti-Money Laundering Council (AMLC) has reported a significant decline in money laundering activities following the announcement of a ban on Philippine Offshore Gaming Operators (POGOs). The ban, implemented by President Ferdinand Marcos Jr., was aimed at addressing concerns over the sector’s vulnerability to illicit activities.
The AMLC emphasized that the POGO sector is “highly vulnerable” to money laundering due to its internet-based nature, and expressed optimism that the ban would decrease the prevalence of money laundering within the gaming industry.
The AMLC also highlighted the importance of implementing stringent anti-money laundering and counter-financing of terrorism (AML/CFT) controls in the gaming sector. This included fit and proper tests on junket operators, enhanced customer due diligence, and regular monitoring of transactions related to junket operations.
The council urged gaming regulators to enhance their compliance and enforcement efforts to ensure robust anti-money laundering practices. The move was seen as a critical step in addressing the country’s money laundering risks, which have been identified as a major concern by the Financial Action Task Force (FATF).
PAGCOR Hosted a Meeting with IGLs and Government Departments on Offshore Gaming Ban
In related news, The Philippine Amusement and Gaming Corporation (PAGCOR) hosted a meeting on August 27, 2024 with all Internet Gaming Licensees (IGLs) and authorized representatives to discuss the details of the proposed ban on offshore gaming operations.
The meeting, which was attended by representatives from the Department of Justice, Department of Labor and Employment, and the Bureau of Immigration, aimed to discuss the banning of offshore gaming in the Philippines. The meeting aimed to provide clarity on the proposed ban and its implications for the industry.
The proposed ban created uncertainty for many companies operating in the offshore gaming industry, with leading lawyer and consultant Atty Vladimir F. Bedural stated that offshore gaming operators would have to close their operations if the policy statement was made official.
However, suppliers who are servicing POGOs could divert to PIGO operations and request re-accreditation from PAGCOR.
POGO Employee Permits Extended Until Year-End
Additionally, the Philippine Amusement and Gaming Corporation (PAGCOR) extended the employment permits for both foreign and local employees at offshore gaming operators (POGOs) until December 31st of this year.
The original permits had a three-year validity period, but the adjustment was approved by PAGCOR’s head on August 15th, 2024. This news came after the Bureau of Immigration initially gave a 60-day deadline for foreign nationals working in POGOs to leave the country, which was later halted by the Department of Justice to synchronize with the government’s plan to phase out the offshore gaming industry by the end of the year.
The extension was seen as a temporary reprieve for the affected employees, who were previously facing uncertainty due to the impending ban on POGOs ordered by President Ferdinand Marcos Jr.
