The Philippines will need to make further reforms to enhance its anti-money laundering (AML) and combatting the financing of terrorism (CFT) measures in relation to the country’s casino industry, says a report from the International Monetary Fund (IMF).
The fund said in a Friday press release that its executive board had reached the conclusion as part of its “Financial System Stability Assessment” of the country.
Referring to the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), the report stated: “Pagcor should effectively apply risk mitigation and risk-based supervision measures (i.e., targeting casino junket operators).”
The document added, referring to the fact some casinos in the Philippines are in the public sector and under the umbrella of Pagcor: “The authorities should resolve Pagcor’s conflict of interest from its responsibilities for operating casinos and AML/CFT supervision.”