Pagcor backs crackdown on money laundering
Credit to Author: The Manila Times| Date: Thu, 21 Mar 2019 05:11:02 +0000
The Philippine Amusement and Gaming Corp. (Pagcor) on Thursday affirmed its support to the government’s crackdown on illegal gambling and gaming-related money laundering activities in the country.
PAGCOR president Alfredo Lim said the corporation has created an anti-money laundering supervision department to thwart the funneling of illegal revenues through legitimate businesses and banks.
“We ensur[e] that gaming operations nationwide would be protected by effective policies and procedures to support anti-money laundering and any illegal activities,” Lim said during the Association of Southeast Asian Nations 3rd gaming summit in Pasay City.
Lim, also Pagcor chief operating officer, said they maintain strict compliance from applicants who seek to be licensed as Philippine Offshore Gaming Operators (POGO).
“One applicant did not make it because we had to disapprove [the application] because we found out that one of the incorporators were wanted by the Interpol,” Lim said.
Pagcor in 2018 stepped up its crackdown on illegal online gaming operators and raided some 170 establishments operating without licenses.
Through its Compliance Monitoring and Enforcement Department, Pagcor ensures that POGO licensees operate within the bounds and limits of their offshore gaming licenses, comply with labor and immigration laws, and remit to government the proper taxes.
Philippine offshore gaming firms are based here and cater primarily to non-Filipino foreigners based abroad, largely Chinese, through the internet.
POGOs accounted for about P4 billion, or 7%, of Pagcor’s P57.34-billion 2017 gross gaming revenue.
During the second day of the summit, Parañaque Rep. Gus Tambunting mentioned that the House was considering the regulation of the online industry and the market for Filipinos due to the rise of illegal activities. NEIL JAYSON N. SERVALLOS
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