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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.

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

In her acceptance speech, Domingo said: “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.

“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.”

The ceremony aimed to focus on the Philippines’ efforts to combat Money Laundering and Terrorist Financing amid emerging digital and technological advancements. In June 2021, Paris-based watchdog the Financial Action Task Force added the Philippines to its grey list of jurisdictions, meaning it was regarded as an area that needed increased monitoring in relation to risk 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 terrorism financing.

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

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