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According to the report, the Philippines must keep an eye on money laundering risks arising from online gaming and cryptocurrency, even after it has exited the dirty money watchdog’s “gray list,” an analyst said.
The report said that Choon Hong Chua, Moody’s head of financial crime practice group, Asia-Pacific and Middle East, said the Philippines’ removal from the Financial Action Task Force’s (FATF) gray list “reflects its commitment to strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks. ”Exiting the gray list will boost investor confidence and financial stability. The Philippines has enhanced inter-agency coordination and has implemented comprehensive reforms,” he said.
“However, money laundering risks are not easy to sweep out entirely. Businesses such as online gaming and cryptocurrency would be areas beyond the financial sector that would require continuous oversight to mitigate potential risks,” he added.
The report added that Online gaming has gained popularity in the Philippines in recent years. Data from the Philippine Amusement and Gaming Corp. (PAGCOR) showed revenues reached a record-high P112 billion in 2024, with the electronic games sector accounting for half or P48.79 billion. The Philippine government is confident the removal from the gray list will help raise investments and expand trade partnerships that will drive economic growth. However, a Citi economist said the exit from the gray list alone is not enough to spur investments in key sectors like manufacturing.
In addition to the report, it said that “Obviously, it’s great to be out of the gray list, but I don’t think this is necessarily going to translate to meaningful diversion opportunities in manufacturing because clearly it takes a lot more than that,” Citi Head of Emerging Markets Economics Research Johanna Chua said in an interview on Money Talks with Cathy Yang on One News on Monday.
The Philippines was on the FATF’s gray list for over three years or since June 2021. “It’s great to get out of the gray list, but we need more than that to have a kind of ecosystem for manufacturing, including having a better-established infrastructure and supply-chain ecosystem,” Ms. Chua said.
REPORT SOURCE: philstar GLOBAL
The report said that Choon Hong Chua, Moody’s head of financial crime practice group, Asia-Pacific and Middle East, said the Philippines’ removal from the Financial Action Task Force’s (FATF) gray list “reflects its commitment to strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks. ”Exiting the gray list will boost investor confidence and financial stability. The Philippines has enhanced inter-agency coordination and has implemented comprehensive reforms,” he said.
“However, money laundering risks are not easy to sweep out entirely. Businesses such as online gaming and cryptocurrency would be areas beyond the financial sector that would require continuous oversight to mitigate potential risks,” he added.
The report added that Online gaming has gained popularity in the Philippines in recent years. Data from the Philippine Amusement and Gaming Corp. (PAGCOR) showed revenues reached a record-high P112 billion in 2024, with the electronic games sector accounting for half or P48.79 billion. The Philippine government is confident the removal from the gray list will help raise investments and expand trade partnerships that will drive economic growth. However, a Citi economist said the exit from the gray list alone is not enough to spur investments in key sectors like manufacturing.
In addition to the report, it said that “Obviously, it’s great to be out of the gray list, but I don’t think this is necessarily going to translate to meaningful diversion opportunities in manufacturing because clearly it takes a lot more than that,” Citi Head of Emerging Markets Economics Research Johanna Chua said in an interview on Money Talks with Cathy Yang on One News on Monday.
The Philippines was on the FATF’s gray list for over three years or since June 2021. “It’s great to get out of the gray list, but we need more than that to have a kind of ecosystem for manufacturing, including having a better-established infrastructure and supply-chain ecosystem,” Ms. Chua said.
REPORT SOURCE: philstar GLOBAL