{"id":30930,"date":"2022-06-20T04:19:21","date_gmt":"2022-06-20T07:19:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30930"},"modified":"2026-04-23T07:38:59","modified_gmt":"2026-04-23T10:38:59","slug":"the-fatf-keeps-the-philippines-on-grey-list","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-fatf-keeps-the-philippines-on-grey-list","title":{"rendered":"The FATF keeps the Philippines on grey list"},"content":{"rendered":"\n

The Financial Action Task Force (FATF) has updated its grey list of jurisdictions that require increased monitoring due to the risk of financial crime, and the Philippines remains listed.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The\u00a0Financial Action Task Force (FATF)<\/strong>, the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing, has decided to keep\u00a0the Philippines<\/strong>\u00a0on it’s “grey list” of untrustworthy jurisdictions. It updated the list after a four-day meeting last week.<\/p>\n\n\n\n

The FATF acknowledged that the Philippines had “taken steps to improve its AML\/CFT regime”\u00a0since last June<\/a>. However, it listed seven areas where more work is needed to address the country’s “strategic deficiencies” related to AML and CFT.<\/p>\n\n\n\n

Among the recommendations, it said the Philippines needs to demonstrate that it uses AML and CFT controls “to mitigate risks associated with casino junkets.”<\/p>\n\n\n\n

Countries on the grey list are required to submit progress reports to FATF three times a year. The Philippines was on the grey list before from 2000 until 2005.\u00a0<\/p>\n\n\n\n

A week ago,\u00a0the International Monetary Fund (IMF)<\/a>\u00a0issued a report that classed the Philippine casino industry as one of the economic activities that pose a \u201cmoderate\u201d risk to the country\u2019s international reputation in terms of anti-money laundering (AML) work and combatting the financing of terrorism (CFT).<\/p>\n\n\n\n

The Philippines has a significant and growing casino and online gaming industry that sought customers from Asia Pacific and beyond in the pre-pandemic era.<\/p>\n\n\n\n

When talking to Focus Gaming News about\u00a0a possible competitor to Macau<\/a>\u00a0for its title as the \u2018Las Vegas of Asia\u2019, seasoned industry observers at Global Betting & Gaming Consultants (GBGC) highlighted the Philippines as “the most serious contender”.<\/p>\n\n\n\n

“[The Philippines] has developed several integrated resorts to rival Macau.” the sources said. “It has also recently allowed licence holders to begin online gaming operations, which is an advantage over Macau\u2019s concessions.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Action Task Force (FATF) has updated its grey list of jurisdictions that require increased monitoring due to the risk of financial crime, and the Philippines remains listed.<\/p>\n","protected":false},"author":176,"featured_media":21794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Financial Action Task Force (FATF) has maintained the Philippines on its grey list due to strategic deficiencies in its Anti-Money Laundering and Counter-Financing of Terrorism (AML\/CFT) regime, specifically citing risks associated with casino junkets. This decision, following an IMF report on the moderate risk posed by the Philippine casino industry, necessitates continued progress reports and impacts the nation's significant iGaming and integrated resort sector.","focusai_entities":"Financial Action Task Force (FATF), International Monetary Fund (IMF), Global Betting & Gaming Consultants (GBGC)","focusai_location":"Philippines, Paris, Macau, Asia Pacific","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), affiliate_publisher (0.7), marketing_crm (0.7), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"FATF Compliance Roadmap","query":"What specific enhancements to AML\/CFT governance frameworks and operational controls are mandated for Philippine gaming operators to facilitate removal from the FATF grey list?"},{"label":"Investment Risk Assessment","query":"How does the Philippines' continued FATF grey list status impact foreign direct investment flows and the valuation of integrated resort and iGaming assets within the jurisdiction?"}],"footnotes":""},"categories":[28,158,16333],"tags":[24038,23911,405],"class_list":["post-30930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-slider-home","category-south-east-asia-news","tag-fatf","tag-gambling-regulation","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=30930"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30930\/revisions"}],"predecessor-version":[{"id":30950,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30930\/revisions\/30950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21794"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}