AMLC Scrutinises Online Gambling for Money Laundering Risks in the Philippines

_{BSP Governor Eli Remolona leads AMLC’s efforts to scrutinise online gambling platforms. (Image: BSP)}

The Philippines is battling to control money laundering, with significant efforts being made by the local Anti-Money Laundering Council (AMLC).

Eli Remolona, the governor of the Bangko Sentral ng Pilipinas (BSP) and chair of the AMLC, emphasised the importance of a comprehensive risk assessment as the country continues to combat the illicit flow of funds.

Philippines Gains Respect for Banning POGOs

The Philippines was recently removed from the Financial Action Task Force (FATF) grey list, attributed in part to the banning of Philippine offshore gaming operators (POGOs).

The rise of black market operators present a continual threat to the regulated market and consumers across the globe. These sentiments were echoed by Remolona, who warned the next significant threat may arise from advancements in digital technology.

Calls for Review of Onshore Online Gambling Operators

The risks to the online gambling sector are still prevalent despite the tough action as online casinos in the Philippines is experiencing rapid growth. 

The Philippine Gaming and Amusement Corp. (PAGCOR) reported a 24.81% increase in gross revenues for 2024, with electronic gaming receipts surging by 309.20%.

There are now calls for a review of onshore online gambling operations by lawmakers, who insist that there are potential negative impacts on Filipino citizens.

Public-Private Partnerships Could Enhance AML Measures

While there may be no quick fix to tackling black market online operators, experts suggest that beyond regulation, public-private partnerships could enhance the effectiveness of measures against money laundering and terrorism financing.