The Philippines Anti-Money Laundering Council (AMLC) has signed a Memorandum of Understanding with gaming regulator PAGCOR aimed at improving cooperation around money laundering and terrorism financing risks.
The agreement, confirmed at a signing ceremony this week, comes in response to perceived risks posed by the growth of the Philippine Offshore Gaming Operators (POGO) industry, as well as internet based casinos and junkets.
“The actionable information that we share with each is important in supporting financial investigations,” said AMLC Chairman Benjamin E. Diokno.
“The latest National Risk Assessment notes a high sectoral money laundering threat among designated non-financial businesses and professions — including casinos which are highly vulnerable.
“This calls for strict enforcement of and compliance to anti-money laundering and counter-terrorism financing policies – urging the full cooperation of covered persons (including casinos) during the conduct of examinations – especially with the rise of POGOs.”
The MoA will see the AMLC and PAGCOR collaborate in sharing information from various studies, research and information of emerging trends in money laundering and terrorism financing.
PAGCOR already provides information to the AMLC regarding compliance by the Philippines’ 32 PAGCOR-owned casinos to their anti-money laundering obligations under the Anti-Money Laundering Act.
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