PAGCOR CEO stresses need for Philippines to exit FATF grey list
The Philippines was placed on the FATF grey list in June 2021.
The Philippines.- During a keynote speech at the SiGMA Asia last week, PAGCOR chairman and CEO, Alejandro H. Tengco, stressed the importance of the Philippines being removed from the Financial Action Task Force’s (FATF) watchlist.
Acknowledging the implications of being on the FATF grey list, Tengco said it not only impacts the gaming industry but also adversely affects the nation’s trade, commerce, and global financial standing.
The Philippines was placed on the FATF grey list in June 2021, and the country has since been under observation for not fully addressing eight out of eighteen AML/CFT-related issues by the January 2023 deadline.
See also: Philippine casino sector needs stronger AML controls, watchdog says
PAGCOR to launch online casino in 2024
During his speech, Tengco also revealed PAGCOR plans to launch an online gaming platform, casinofilipino.com by the first quarter of 2024. He said the online Casino Filipino would employ virtual reality technology that can simulate the sights and sounds of a physical casino, offering a realistic and immersive gaming experience.
