Philippines scrutinizes online gambling amid money laundering risks
The Philippines Anti-Money Laundering Council is increasing its examination of online gambling activities in a bid to prevent money laundering and funding for terrorism.
In February 2025, the country was removed from the “grey list” of the Financial Action Task Force, following the banning of POGOs.
In a milestone for the Philippines this year, the Financial Action Task Force commended the country for correcting 18 deficiencies within three years, in its anti-money laundering and terrorist financing system.
Philippines Anti-Money Laundering Council Chairman and Governor of Bangko Sentral ng Pilipinas Eli Remolona Jr. has warned the use of digital technologies, like online gambling, present fresh risks in the ongoing fight against financial crime.
The Anti-Money Laundering Council is undertaking a risk assessment of various forms of online gambling to enhance its protections.
In 2024, the Philippine gaming sector, overseen by PAGCOR, experienced a substantial increase in gross revenues, reaching PH410.5 billion, a 24.8% growth. Online gaming saw a substantial surge of 309.2%, reaching PH135.7 billion.
This rapid growth has raised concerns. Senate President Francis Escudero recently called for a review on the legality of online gambling due to fears that it may be detrimental to modern society.
Choon Hong Chua, an expert from financial service group Moody’s, emphasized that there are still risks present even with the ban on POGOs, as clandestine activities could potentially bypass regulations. He called for stronger oversight through public-private partnerships.
The Philippines was urged by the Financial Action Task Force to maintain its progress, indicating that continued vigilance is crucial as online gambling grows.
Dig deeper
2025/02/25: Moody’s: Philippines is off FATF grey list but online gambling and crypto still present a risk
2025/03/04: Philippine Senate President calls for online gambling review
2025/03/25: Philippines’ Bureau of Immigration bans layover flights for POGO fugitives
2025/05/01: E-gaming responsible for over half of PAGCOR first quarter revenue
