The Philippines’ recent removal from the Financial Action Task Force (FATF) grey list is a landmark achievement that significantly enhances the country’s credibility as a stable and secure market for gaming investment, according to Tonet Quiogue, a legal expert and founder of Arden Consult.
Arden Consult is an advisory firm specializing in regulatory guidance for the gaming and gaming-related sectors. Quiogue has extensive experience helping companies navigate the complex landscape of gaming regulations in the Philippines.
Despite the removal from the grey list, Quiogue emphasized that there would be no immediate changes to the gaming industry’s regulatory landscape, as the Philippine Amusement and Gaming Corporation (PAGCOR) has already implemented robust anti-money laundering (AML) protocols.
Quiogue told AGB that “PAGCOR has already established strong AML protocols, and I expect it will continue to enforce these rules with the same level of scrutiny. The policies and compliance measures are already in place, and the exit from the grey list only underscores the regulator’s effectiveness in implementing them.”
“The industry’s commitment to compliance remains unchanged, but this milestone enhances the Philippines’ credibility as a stable and secure market for gaming investment.”
Tonet Quiogue
Under the leadership of Chairman Alejandro Tengco, PAGCOR has worked closely with casino operators, junket operators, and online gaming companies to ensure strict adherence to AML guidelines. Quiogue highlighted that PAGCOR’s proactive stance in issuing directives to the industry has played a key role in securing compliance. “PAGCOR issued the most directives to casino operators, both land-based and online, as well as junket operators, aimed at preventing money laundering,” she added.
Although some operators initially viewed these measures as burdensome, Quiogue pointed out that the long-term benefits of maintaining financial integrity have been clear. “Their cooperation was crucial in demonstrating the sector’s commitment to financial integrity, which in turn paved the way for a more stable and investment-friendly gaming environment,” she explained.
Improved investment confidence
The Philippines’ removal from the FATF grey list is expected to have a profound effect on investment, particularly among foreign operators and financial institutions. Prior to this development, international investors, especially those operating across multiple jurisdictions, were cautious about committing to the Philippine gaming market due to concerns about the country’s grey-list status.
“Certain clients and potential investors—particularly foreign operators holding licenses in multiple jurisdictions—were previously hesitant to invest or expand in the Philippines,” Quiogue explained. “The grey-list status was a significant concern, with some investors explicitly stating they would wait until the Philippines was removed before making any commitments.”
With this milestone achieved, Quiogue believes that many investors will now feel more confident moving forward with their plans.
“This milestone will undoubtedly encourage investors to reassess their plans and potentially open new avenues for investment”.
Tonet Quiogue
PAGCOR’s continued role in ensuring compliance
In a statement following the FATF’s decision, PAGCOR Chairman Tengco expressed pride in the role the regulator played in the country’s removal from the grey list. “We are honored to have played a crucial part in this development,” Tengco said. “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.”
Tengco further emphasized PAGCOR’s ongoing commitment to upholding the fight against money laundering and terrorism financing across the gaming industry. “We also commit to sustaining 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,” he added.
A step toward sustaining financial integrity
The FATF’s decision to remove the Philippines from its grey list reflects the country’s significant progress in addressing key strategic deficiencies. In its statement, the FATF praised the Philippines for implementing effective risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs), particularly casino junkets, and for improving the use of financial intelligence in AML investigations.
“The Philippines has completed its Action Plan to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process,” the FATF noted.
However, the organization also encouraged the Philippines to continue strengthening its counter-terrorism financing (CTF) measures and to work with the Asia/Pacific Group on Money Laundering to sustain improvements in its financial systems.
