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