• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 10 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Moody’s says Philippines still faces money-laundering threats even after ban on POGOs

Newsdesk by Newsdesk
Thu 23 Jan 2025 at 01:39
Editorial – Land of sunshine

Makati, Philippines

41
SHARES
1k
VIEWS
Print Friendly, PDF & Email

The Philippines still faces a money laundering risk even after the recent ban on the offshore POGO industry came into effect this month, with the ability of illegal operators to pose instead as call or data centers potentially placing the nation’s efforts to exit the global AML grey list at threat, according to Moody’s analyst Choon Hong Chua.

In an interview with Bloomberg, Chua said Philippine authorities could not afford to rest on their laurels post-POGO with many illicit operators seen trying to maintain their existence across alternative sectors.

“There are still inherent risks, and it’s not just the underground online gaming,” Chua, who is head of the ratings agency’s financial crime practice group for Asia Pacific and the Middle East, told Bloomberg. “We’ve seen examples in the past when some of the scam centers were masquerading as call centers and data centers.”

Chua noted that it was “challenging” to fully eradicate those engaged in highly profitable illegal businesses, adding that it was important the Philippines maintained disciplined oversight of more than just the financial sector.

“Across the region and in fact across the world, traditionally the corporate organizations are not as regulated as the financial institutions,” he said. “A lot of these organizations are the ones serving some of the high-risk clients.”

His comments come after global anti-money laundering watchdog, the Financial Action Task Force’s (FATF), said in October that the Philippines had “substantially completed” an 18-point action plan, leaving it within touching distance of exiting the grey list.

Among the key reforms implemented have been demonstrating that supervisors are using AML/CFT (anti-money laundering/combating the financing of terrorism) controls to mitigate risks associated with casino junkets. Gaming regulator PAGCOR was one of 44 government agencies directed by President Ferdinand Marcos Jr last October to take necessary actions in order to ensure the Philippines satisfied the FATF’s directions and exited the grey list.

“This is the final step toward the country’s removal from the grey list,” the Philippines’ AML Council said at the time.

POGOs have also been seen as a major AML threat although the industry was officially banned as of 1 January 2025 by way of a Presidential decree.

RelatedPosts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

PAGCOR: Manila’s Entertainment City casinos suffered combined 5.7% GGR decline in FY24

Tue 8 Apr 2025 at 13:55
Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Mon 7 Apr 2025 at 05:11
PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Fri 4 Apr 2025 at 03:51
Chris Newsome and 1xBet creating more opportunities for basketball players in Asia

Chris Newsome and 1xBet creating more opportunities for basketball players in Asia

Wed 2 Apr 2025 at 04:55
Load More
Tags: Anti-Money Laundering Councilgrey listmoney launderingMoody’sPhilippine Offshore Gaming OperatorsPhilippinesPOGO
Share16Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English