The Philippines has been officially removed from the Financial Action Task Force (FATF) “grey” list of countries suspectable of money laundering. This removal follows four years after the country’s inclusion on the list and the subsequent prohibition of its Philippine Offshore Gaming Operators (POGO) licensing system.
The removal from the international “grey” list is expected to further investments in the country and strengthen the gambling regulations already in place. All casinos and other domestic gambling services in the Philippines are regulated by the government-created Philippine Amusement and Gaming Corporation (PAGCOR).
The FATF said in a statement: The FATF Plenary congratulated the Philippines for the positive progress in addressing the strategic anti-money laundering and countering the financing of terrorism and proliferation financing (AML/CFT/CPF) deficiencies previously identified during their mutual evaluations.”
The statement also said, “The Philippines has completed their Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.”
2016 Solaire Money Laundering Incident
2016 Solaire, one of the biggest Entertainment City casinos, was involved in a money laundering scheme. It was determined that North Korean hackers scheduled nearly $1 billion in withdrawals for seemingly legitimate foundations. However, the Federal Reserve grew suspicious after one transaction requested for the Shalika Foundation was mislabeled and misspelled as “Foundation.”
It was later discovered that about $29 million of the $81 million stolen from a Bangladesh Bank account held at the Federal Reserve was later found to be laundered by North Korean operatives through the Rizal Commercial Banking Corporation and Solaire Resort. Eventually, Solaire and its parent company, Bloomberry Resorts, were cleared of any wrongdoing.
Are Philippine Casinos Safe To Play?
There is no indication that domestic or Philippine online casinos are unsafe. In fact, the Philippines is considered one of the strictest gambling markets in the world, with PAGCOR at the helm. The new administration under President Marcos Jr. has even taken steps to ensure player protection amid growing concerns.
Today, Philippine players can access the 21+ casinos located around the country and online casinos from offshore sources licensed and regulated by trusted regulating agencies. Local casinos can also offer their services online to players physically located inside the country.
While criminals will always look for ways to launder dirty money, casinos in the Philippines have significantly reduced their risks by imposing stricter regulations and following standards set by the Financial Action Task Force.