Saturday, December 2, 2023

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Philippines moving forward with AML/CFT legislation

The Philippines is moving forward with Anti-Money Laundering and Counter-Terrorism Financing legislation, as it furthers its bid to get off the FATF gray list.

SkyCity faces further mandates in Adelaide over AML/CFT

SkyCity’s travails continue as authorities in Adelaide have mandated that the group’s local subsidiary must appoint a ‘suitably qualified independent expert’ approved by the state’s gambling commissioner to overview its AML/CTF compliance.

PAGCOR gets commendation for AML/CFT efforts

The Philippine Amusement and Gaming Corporation (PAGCOR) said it received commendation from the Anti-Money Laundering Council (AMLC) for its contribution to the Anti-Money Laundering/Combating the Financing Terrorism (AML/CFT) efforts.

Philippines improves AML/CFT but remains on grey list

The Philippines has taken steps to improve its AML/CFT procedures, but more needs to be done and the country remains on the Financial Action Task Force (FATF) grey list.

The Star confirms sale of Sheraton Grand Mirage for $125 million

Australian gaming operator The Star indicated on Monday that it had reached an agreement for the sale of its Sheraton Grand Mirage Resort Gold Coast for AU$192 million ($125.03 million).

FATF pushing Philippines to ‘address deficiencies’, highlight junkets risk

The Philippines is being urged by the Financial Action Task Force (FATF) to continue to up its game in regards to money laundering, terrorist financing and proliferation financing’.

Daily Asia Gaming eBrief: Philippines takes further steps to get off the gray list

Authorities in the Philippines up their game as they try and get off the AML/CFT gray list. The Financial Action Task Force has been reluctant to remove them over failure to mitigate certain primary issues linked to junkets and information sharing. Despite having passed its deadlines for remediation, the nation is now urging its institutions to up the ante as it aims to achieve international recognition.

Philippines acts on President’s Directive to exit global AML/CTF gray list

The Philippines' Presidential Office has issued a Memorandum Circular instructing key government agencies, including the gaming regulator PAGCOR, to conduct a comprehensive review and evaluation of their regulatory requirements.

Crown Resorts reported a $125 million loss in the 2023 financial year

Australian gaming operator Crown Resorts has reported an AU$199 million ($125.18 million) loss for last financial year, according to reports.

Daily Asia Gaming eBrief: PAGCOR’s privatization plans unlikely to impact the industry

Despite the announcement by PAGCOR's head that the regulator would (finally) be privatizing its casinos, the move is unlikely to have a strong impact on the industry, notes an expert. Maybank's Alexa Carvajal also states that a total ban on Philippine Offshore Gaming Operators would not have a significant impact on the industry, even as both mass and VIP play are growing significantly.