PAGCOR Commends Philippines for Being Removed from FATF Grey List

@The Philippine Amusement and Gaming Corporation (PAGCOR) has praised the country’s removal from the Financial Action Task Force’s (FATF) grey list as an opportunity for foreign investment.

The Asian nation was removed from the grey list late last week (21 February) after the FATF ruled it had made “significant progress in improving its AML/CFT regime”.

The Philippines had been on the grey list since June 2021, with the country working closely with the financial watchdog to improve its deficiencies.

After almost four years of efforts, the watchdog said: “The FATF welcomes the Philippines’ significant progress in improving its AML/CFT regime.

“The Philippines strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified.”

Reacting to the announcement, PAGCOR CEO Alejandro Tengco said the move would be of huge benefit to the country.

He also noted that many operators’ AML processes in the Philippines are overseen by the PAGCOR Anti-Money Laundering Supervision and Enforcement Department (PASED) and the country’s Anti-Money Laundering Compliance Department (ACD).

He said: “We are honoured 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.

“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.

“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 grey list,” he added.

The Filipino gaming industry was shaken up last year after a presidential decree banned Philippine offshore gaming operators.

Gibraltar was removed from the FATF grey list in February 2024, having been placed under scrutiny since June 2022.

More than 25 nations remain on the FATF grey list, including Nigeria, Syria, Haiti, and Venezuela.

Government-owned body says decision could see foreign investment flood into Asian country after improvements satisfied financial watchdog.