Ramon Garcia Jr., Founder and Executive Chairman of DFNN, clearly states that the Philippines is exerting its utmost efforts to remove itself from FATF’s gray list. During a panel discussion on the Investment Outlook – Philippines versus Asia at the ASEAN Gaming Summit in Manila, Garcia emphasized the growing potential for technology to trace funds used for illicit purposes effectively.
Currently, FATF places the Philippines on the gray list mainly due to issues with junket operators and the insufficient prosecution and investigation of money laundering and terrorist financing activities. Despite the Philippine president’s directive for the Anti-Money Laundering Council (AMLC) and related agencies to implement corrective measures aiming for delisting by October this year, the recent FATF review kept the country on the list.
Back in June 2021, FATF, headquartered in Paris, reinstated the Philippines on the gray list following a mutual evaluation by the Asia Pacific Group on Money Laundering. This evaluation cited 18 significant deficiencies in the nation’s anti-money laundering, terrorist financing, and proliferation financing controls. As of January this year, the Philippines still needs to resolve eight of these critical issues.
Garcia approaches this situation with some skepticism, pointing out that certain Western assessments may not fully reflect the reality. He cited examples where FATF overlooked effective supervision within the Philippines’ stock markets.
Moreover, Garcia highlights the Philippines’ investment landscape as highly attractive. He particularly underscores the rapid growth of the online gaming sector, which benefits greatly from the country’s expanding internet infrastructure. This growth makes the Philippines one of the most promising markets in the online gaming domain today.
