Moody’s: Philippines is off FATF grey list but online gambling and crypto still present a risk
Moody’s has urged businesses in the igaming and cryptocurrency sectors to remain vigilant regarding money laundering in the Philippines, despite the country’s removal from the Financial Action Task Force grey list on Friday.
The Financial Action Task Force is a global anti-money laundering watchdog, which compiles and oversees a grey list of jurisdictions which require increased monitoring for deficiencies in efforts to counter money laundering, terrorist financing and proliferation financing.
Reflecting on the Philippines’ removal from the list, Moody’s Head of Financial Crime Practice Group, Asia-Pacific and Middle East, Choon Hong Chua said, “The Philippines’ removal from the Financial Action Task Force’s grey list reflects its commitment to strengthening its anti-money laundering and counter-terrorism financing frameworks.
“Exiting the grey list will boost investor confidence and financial stability. The Philippines has enhanced inter-agency coordination and has implemented comprehensive reforms. However, money laundering risks are not easy to sweep out entirely. Businesses such as online gaming and cryptocurrency would be areas beyond the financial sector that would require continuous oversight to mitigate potential risks.”
The Philippines was the only nation to be removed from the grey list on Friday, with 25 nations still under increased monitoring, including Vietnam and Nepal.
In a statement on Friday, Chairman and Chief Executive of Philippine gaming regulator PAGCOR Alejandro Tengco said, “We are honored to have played a crucial part in this development, and the public can rest assured that PAGCOR will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations.
“We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators.”
The Philippines operates a legal remote gaming industry, informally known as PIGO (Philippines Inshore Gaming Operators), which only caters to players based in the Philippines, who are registered with licensed land-based gaming entities.
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