The Philippine Department of Justice (DOJ) stated that the government has decided to completely ban Philippine Offshore Gaming Operators (POGO), which is considered a key factor in the Philippines' efforts to be removed from the Financial Action Task Force (FATF) grey list.
At a news forum in Quezon City, Deputy Prosecutor Deana Perez emphasized that President Ferdinand R. Marcos Jr.'s announcement of the ban demonstrated the Philippines' strong commitment to combating illegal gambling and financial crimes.
"This decision, coming from the highest level, has a profound impact. It shows the government's dedication to curbing illegal gambling and preventing casinos from being used for illicit activities," Perez stated.
She added, "The driving force of this policy is very apparent, as decisions made at the top often result in stronger enforcement."
Since 2021, the Philippines has been on the FATF's "increased monitoring" list, or grey list, due to 18 financial regulatory deficiencies. FATF has required the Philippine government to implement stricter measures to prevent money laundering and terrorism financing.
Previously, there were regulatory gaps in the gambling industry and POGO oversight; moreover, despite frequent suspicious fund movements, sanctions on related financial transactions were poorly enforced. Delays in implementing the Anti-Terrorism Act were also seen as a compliance shortfall.
Perez noted that the POGO ban was a crucial step for the Philippines to pass the FATF review, as the country's gambling regulation was one of the last few links in the FATF test.
FATF is an intergovernmental body responsible for setting global standards for combating money laundering and terrorism financing. The Philippine government hopes that through strict regulation, it will eventually be removed from the grey list, improve its international financial credit rating, and attract more foreign investment.
