The Philippine Amusement and Gaming Corporation (PAGCOR) on Friday welcomed the country's removal from the Financial Action Task Force (FATF) gray list, calling it a major step in attracting more foreign investment and strengthening financial credibility.
PAGCOR Chairman and CEO Alejandro H. Tengco said the decision marks a turning point for the Philippines, ensuring that the gaming industry adheres to stringent anti-money laundering (AML) regulations.
“We are honored to have played a crucial part in this development, and the public can rest assured that PAGCOR will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations,” Tengco said.
He further emphasized PAGCOR’s commitment to preventing financial crimes, saying, “We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators."
Tengco credited the efforts of PAGCOR’s key anti-money laundering units, the PAGCOR Anti-Money Laundering Supervision and Enforcement Department (PASED) and the Anti-Money Laundering Compliance Department (ACD), for their strict oversight of gaming operations.
“Rest assured that your PASED and ACD teams will work even harder, together with other departments and our licensees, to ensure that we never go back to the gray list,” Tengco added.
The FATF, an international body that combats money laundering and terrorism financing, placed the Philippines on the gray list in 2021 due to weak AML enforcement. Exiting the list signals improved compliance, paving the way for increased investor confidence in the country’s financial and gaming sectors.