PAGCOR praised for role in Philippines’ exit from FATF grey list
President Ferdinand R. Marcos Jr has commended PAGCOR and other government agencies for their roles in the Philippines’ removal from the Financial Action Task Force grey list.
The Philippines.- President Ferdinand Marcos Jr has recognised the role of the Philippine Amusement and Gaming Corporation (PAGCOR) in helping the country exit the Financial Action Task Force (FATF) grey list.
During a ceremony at Malacañang Palace held a week ago (May 5), PAGCOR’s chairman and CEO Alejandro H. Tengco and president and chief operating officer Wilma Eisma received plaques for their work in addressing FATF’s concerns about money laundering and terrorist financing, which improved the country’s financial standing and compliance with international standards.
Tengco said: “Being on the FATF grey list means that a country has significant deficiencies in anti-money laundering and counter-terrorism financing frameworks, which negatively impact foreign investment and increase the cost of doing business.
“We are honoured that PAGCOR played a crucial part in this development,” Mr. Tengco added. “As the country’s gaming regulator, we will continue to ensure that our licensees adhere to all anti-money laundering rules and regulations.”
Tengco highlighted the efforts of PAGCOR’s Anti-Money Laundering Supervision and Enforcement Department and the Anti-Money Laundering Compliance Department for improving monitoring and enforcement actions. He said: “Now that the Philippines is off the FATF watchlist, we expect an increase in investor trust and the flow of foreign investments.”
PAGCOR’s chairman mentioned president Marcos’ ban on offshore gaming operations as a step in showing the Philippines’ commitment to global financial standards.
