The Philippines gaming regulator has signed a deal with the country’s anti-money laundering watchdog to tighten their cooperation in the fight against money laundering, local media reports.
On Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Benjamin E. Diokno signed a Memorandum of Agreement (MoA) with the Philippine Amusement and Gaming Corp. (PAGCOR), which will allow the two agencies to collaborate in terms of sharing studies, research, and information in recent emerging trends related to money laundering and terrorism financing.
“The actionable information that we share with each is important in supporting financial investigations,” said Mr. Diokno in a speech.
Diokno pointed out a rise in different varieties of casino operations, as well as a decrease in the transparency of VIP gamblers.
“With Internet-based casinos, casino junket operations, and reduced transparency of high-rollers, there is much vulnerability in identifying sources and movement of funds,” he said.
“This calls for strict enforcement of and compliance to anti-money laundering and counter-terrorism financing policies-urging the full cooperation of covered persons during the conduct of examinations — especially with the rise of POGOs,” he added.
In his speech, Mr. Diokno cited PAGCOR’s role to supervise, assess, and monitor whether casinos comply with their obligations as per the Anti-Money Laundering Act.
“(Signing) an MOA between both agencies makes for a more systematic sharing of information. This MOA then strengthens the feedback mechanism between our agencies to enhance our cooperation.”
Both the AMLC and PAGCOR will be speakers at the upcoming ASEAN Gaming Summit 2020, held at Shangri-La At The Fort in Manila on 17-19 March 2020.
Find out more at www.aseangaming.com.