{"id":34698,"date":"2022-10-24T06:22:56","date_gmt":"2022-10-24T09:22:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=34698"},"modified":"2026-04-23T03:41:21","modified_gmt":"2026-04-23T06:41:21","slug":"aml-council-still-working-to-get-the-philippines-off-fatf-grey-list","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/aml-council-still-working-to-get-the-philippines-off-fatf-grey-list","title":{"rendered":"AML Council still working to get The Philippines off FATF grey list"},"content":{"rendered":"\n

The Financial Action Task Force has urged authorities to continue working to address strategic deficiencies.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The Financial 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 the Philippines<\/strong> on its \u201cgrey list\u201d of untrustworthy jurisdictions. The Anti-Money Laundering Council (AMLC) <\/strong>issued a statement saying it is working to get the country off the list<\/strong>. <\/p>\n\n\n\n

It said: \u201cguidelines are in place to examine and enforce AML\/CFT controls such as a monitoring system to address the risks associated with casino junkets.\u201d<\/p>\n\n\n\n

The Philippines is one of several countries that has had its progress reviewed by the FATF since the body’s last update in June.<\/a> The FATF said the Philippines should continue to work to implement its action plan to address its strategic deficiencies, including evidence that regulators are using AML\/CFT controls to reduce risks associated with casino junkets.<\/p>\n\n\n\n

In July, the Philippine Amusement and Gaming Corporation <\/strong>(PAGCOR) issued new guidelines<\/a> in the form of the \u201cCasino Guide for a Fitness and Proprietary Assessment for Junket Operators\u201d. The document aims to aid land-based casinos in their obligations to assess the fitness and propriety nature of junket operators and related associates, agents or promoters.<\/p>\n\n\n\n

According to PAGCOR, the guidelines describe the criteria to determine whether any junket operator or applicant for junket operations is \u201cfit and proper\u201d. It forms part of PAGCOR\u2019s commitment to tighten controls to combat money laundering <\/strong>and terrorist financing.<\/p>\n\n\n\n

However, the FATF mentioned in its recent review summary that the Philippines needs to improve and simplify access to beneficial ownership information <\/strong>by law enforcement and take steps to ensure such information is accurate and up-to-date.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Action Task Force has urged authorities to continue working to address strategic deficiencies.<\/p>\n","protected":false},"author":176,"featured_media":29796,"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 persistent strategic deficiencies in Anti-Money Laundering and Counter-Terrorist Financing (AML\/CFT) controls, particularly concerning casino junket operations and beneficial ownership information. Despite new guidelines issued by the Philippine Amusement and Gaming Corporation (PAGCOR) for junket operators, FATF urges further implementation and simplification of access to accurate beneficial ownership data for law enforcement.","focusai_entities":"Financial Action Task Force, FATF, Anti-Money Laundering Council, AMLC, Philippine Amusement and Gaming Corporation, PAGCOR","focusai_location":"Philippines, Paris","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (0.95), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Impact on FDI?","query":"What are the projected impacts of the Philippines' continued FATF grey-listing on foreign direct investment into its iGaming and integrated resort sectors?"},{"label":"Junket guideline efficacy?","query":"How do PAGCOR's new 'Casino Guide for a Fitness and Proprietary Assessment for Junket Operators' guidelines specifically address the FATF's concerns regarding AML\/CFT controls, and what further enhancements are anticipated?"}],"footnotes":""},"categories":[156,16333],"tags":[23911,23907],"class_list":["post-34698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-south-east-asia-news","tag-gambling-regulation","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34698","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=34698"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34698\/revisions"}],"predecessor-version":[{"id":34744,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34698\/revisions\/34744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/29796"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=34698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=34698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=34698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}