AMLC cites PAGCOR in war vs. terrorism finance

The Anti-Money Laundering Council (AMLC) has recognized the Philippine Amusement and Gaming Corp. (PAGCOR) for its contribution in fighting money laundering and financing of terrorism.

In a statement, the government’s gaming regulator and operator said it received commendation from AMLC for its "invaluable contribution" to the Anti-Money Laundering/Combating the Financing Terrorism (AML/CFT) efforts.

AMLC’s plaque of recognition was received by PAGCOR Chairman and CEO Andrea D. Domingo during the former’s 20th anniversary celebration.

In her acceptance speech, Domingo congratulated AMLC and expressed the agency’s support to the Council’s anti-money laundering efforts.

“As the country’s governing regulatory body, PAGCOR has been clearly expressing its support to AMLC’s efforts to help ensure that the Philippines will not in any way condone any illegal activity that will derail AMLC’s fight against money laundering for financing of terrorism,” she said.

Domingo also highlighted PAGCOR’s achievements in relation to the AML/CFT measures of the casino gaming sector.

“Aside from the publication of guidelines and issuances, PAGCOR has been proactive in conducting outreach programs to its licensees in order to promote a better understanding of their duties and obligations under the AMLA, as well as to update them with the latest ML/TF typologies,” she said.

The PAGCOR chief likewise underscored how the state-run gaming agency’s accomplishments would not have been possible without the assistance of the AMLC.

“From the enactment of the Memorandum of Agreement (MOA) between the two agencies, to invitation to workshops and webinars, and even the conduct of joint trainings for PAGCOR’s licensees, the AMLC has supported PAGCOR’s initiatives over the years,” Domingo added.

The recognition was held virtually, with the theme “Resilience and Digital Transformation”. It aimed to give focus on the Philippines’ efforts to combat Money Laundering (ML) and Terrorist Financing (TF) in the face of emerging digital and technological advancements.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno also delivered the keynote message, where he detailed the country’s tangible progress in spite of its recent inclusion in the Financial Action Task Force (FATF) grey list.

“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 terrorism financing,” Diokno said.

“The AMLC also continues to strengthen its ties with other local agencies and other jurisdictions for further effective and efficient coordination and collaboration,” he added.

Meanwhile, Executive Director of the AMLC Secretariat Mel Georgie B. Racela expressed his gratitude to all the relevant agencies for their cooperation in fulfilling their AML/CFT obligations and how they look forward to working together for a better future for the country.