Philippine Anti-Money Laundering Council says junket risk management underway, in effort to exit FATF greylist

In response to a statement from the Financial Action Task Force (FATF), the Philippines Anti-Money Laundering Council (AMLC) says that key government agencies have ‘rallied behind’ new directives, including implementing AML/CTF (anti-money laundering, counter-terrorism financing) controls ‘to manage risks linked with casino junkets’.

In late October, the FATF reminded the nation that it had missed its January 2023 deadlines to fix five key areas, including junket oversight.
Despite missing the date, the AMLC notes that ‘it is crucial to highlight that the nation's pertinent agencies remain dedicated to swiftly and effectively implementing the outstanding action plans’.
Aside from its own efforts on ‘establishing a robust and compliant AML/CTF framework in the Philippines’ via government agencies, the AMLC is calling on the private sector ‘to continue contributing towards efforts to exit the greylist’.

Bricks & Mortar Casino AML Money laundering FATF Grey markets

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