Anti-Money Laundering Council recognises PAGCOR work

The regulator was recognised for combating terrorism financing..
The regulator was recognised for combating terrorism financing..

PAGCOR received a commendation from the Anti-Money Laundering Council (AMLC) for its work against money laundering and the financing of terrorism.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has received an AMLC plaque of recognition for its commitment to the fight against money laundering and terrorist financing.

Receiving the award, PAGCOR Chairman and CEO Andrea Domingo said: “As the country’s governing regulatory body, PAGCOR has been clearly expressing its support to AMLC’s efforts to help ensure that the Philippines will not in any way condone any illegal activity that will derail AMLC’s fight against money laundering for financing of terrorism.”

She added: “PAGCOR has been proactive in conducting outreach programs to its licensees to promote a better understanding of their duties and obligations under the AMLA, as well as to update them with the latest ML/TF typologies.”

Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno said: “I am pleased to say that despite the challenges posed by this unprecedented pandemic, the AMLC marched on, carrying out improvements and initiatives against money laundering and terrorism financing.”

The meeting was held virtually under the theme “Resilience and Digital Transformation” with the focus on the Philippines’ efforts to combat Money Laundering and Terrorist Financing in the face of emerging digital and technological advancements.

Despite its efforts, the Philippines was included in the Financial Action Task Force (FATF) grey list last October. The country aims to increase controls to mitigate the risks associated with junket operators.

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