The Philippine entity PAGCOR has announced a new agreement with the money laundering focused council AMLC.
Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) and the Anti-Money Laundering Council (AMLC) have signed a memorandum of agreement. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that the Philippines needs rigid compliance to anti-money laundering rules.
“With Internet-based casinos, casino junket operations, and reduced transparency of high-rollers, there is much vulnerability in identifying sources and movement of funds,” Diokno said.
This agreement will allow PAGCOR to offer more strict enforcement of compliance to anti-money laundering and counter-terrorism financing policies. It urges full cooperation of covered persons during the conduct of examinations, Manila Bulletin reported.
Diokno added that as leading agency of the AMLC, the BSP will continue to ensure that the Philippines won’t become a money-laundering hub. The official believes that this collaboration is crucial to stop the abuse of the financial system both local and international.
“Similar to banks and other financial institutions, casinos undertake high-volume and high-speed financial activities but in the gaming context. Being generally large cash-based businesses, casinos are competitive in its growth and susceptible to criminal activity,” Diokno said.
“An MOA between both agencies makes for a more systematic sharing of information. This MOA then strengthens the feedback mechanism between our agencies to enhance our cooperation.”