PH Improves Tactics Against Money Laundering

The Philippines continues to improve on its tactics concerning the technical compliance deficiencies of money-laundering and fighting the financing of terrorism (ACM.CFT) framework before the deadline set by the Financial Action Task Force (FATF), an international dirty money watchdog based in Paris.

The Asia Pacific Group on Money Laundering (APG) has improved the rating of the Philippines based on two recommendations from partially compliant to largely compliant. This is the third follow-up report on the mutual evaluation of the country.

According to the APG, the Philippines has tackled moderate deficiencies in the ruling of designated non-financial businesses and professions (DNFBPs), specifically the policies of Philippine Amusement and Gaming Corp. (PAGCOR) licenses covering only the board of directors and excluding beneficial owners and shareholders.

The lack of information on the framework for land-based casinos under the jurisdiction of the Cagayan Economic Zone Authority (CEZA) and the Aurora Pacific Economic Zone and Freeport Authority (APECO) was also tackled.

At its peak last year in February, there were 25 CEZA and 50 PAGCOR offshore gaming licenses. This is an improvement from the only four back in 2019 at the time of the mutual valuation report.

This number has lessened to 35 PAGCOR licenses, out of which 26 are operational, and eight are CEZA licenses, with none operational since February 2022.

The APG has mentioned that PAGCOR has issued additional probity check guidelines which were effective beginning in January while The Anti-Money Laundering Act (AMLA) and the implementing rules and regulations have been revised to incorporate brokers and real-estate developers.

Source: Inquirer