State-run Philippine Amusement and Gaming Corp. (PAGCOR) said it will ensure that all casinos in the country comply with anti-money laundering rules and regulations following the country’s exit from the Financial Action Task Force gray list.
PAGCOR chairman and chief executive Alejandro Tengco said the exit from the list is a significant development that should help bring in more foreign investments to the country.
“We are honored to have played a crucial part in this development, and the public can rest assured that PAGCOR will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations,” he said.
“We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators,” Tengco said.
Tengco said much of the state gaming firm’s AML efforts are handled by two key units: The PAGCOR Anti-Money Laundering Supervision and Enforcement Department [PASED] and the Anti-Money Laundering Compliance Department or ACD.
