PAGCOR recognised by Anti-Money Laundering Council

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

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

PAGCOR Chairman and CEO Andrea D. Placido Domingo received the AMLC plaque of credit on behalf of the authority at the online ceremony. It was held virtually, and had the theme of “Resilience and Digital Transformation”.

In her banker's acceptance speech, Placido Domingo said: “As the country’s governing regulatory body, PAGCOR has been clearly expressing its livelihood to AMLC’s efforts to help ensure that the Philippine Islands testament not inwards any way of life condone any illegal activity that testament jump AMLC’s oppose against money laundering for funding of terrorism.

“Aside from the publication of guidelines and issuances, PAGCOR has been proactive in conducting outreach programs to its licensees in order of magnitude to kick upstairs a break understanding of their duties and obligations under the AMLA, as wellspring as to update them with the in vogue(p) ML/TF typologies.”

The ceremonial aimed to centering on the Philippines’ efforts to combat Money Laundering and Terrorist Financing amid rising digital and technological advancements. In June 2021, Paris-based guard dog the Financial Action Task Force added the Philippines to its grizzly heel of jurisdictions, substance it was regarded as an expanse that required increased monitoring inward relation to put on the line of financial crimes.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno commented: “I am pleased to say that despite the challenges posed by this unprecedented pandemic, the AMLC marched on, carrying out improvements and initiatives against money laundering and act of terrorism financing.

“The AMLC also continues to beef up its ties with other local agencies and other jurisdictions for further in effect(p) and efficient coordination and collaboration.”