POGO pair fall under Philippine regulator



In the Philippines and two licensed Philippine Offshore Gaming Operator (POGO) companies are said to be in serious difficulty after failing to adequately cooperate with official anti-money laundering compliance checks.

According to a report from Inside Asian Gaming, the Asian Nation’s Anti-Money Laundering Council (AMLC) used an official notice to detail that Inner Strong Limited and MG Universal Link Limited had refused to conduct the required assessments of their anti-money laundering protocols and are now at risk of having their licenses officially revoked by the regulator of the Philippine Amusement and Gaming Corporation (PAGCor).

Care advice:

The three members AMLC reportedly stated that he had now also decided to “revoke the registration of these covered persons‘used by the two iGaming operators who had’refused to cooperate” of its investigations and advises the public to exercise extreme caution when it comes to one or the other Very limited interior Where MG Universal Link Limited.

Revision Required:

The Philippines reportedly started licensing companies to offer iGaming services to foreign players in 2016 following the temporary shutdown of the former operator PhilWeb Company and has so far issued 36 POGO certifications. Source explained that the recent adoption of amendments to the Anti-money laundering law of 2001 placed these companies under the supervision of the AMLC and obliged them perform compliance checks within 24 hours of receiving a formal request government watchdog.

Previous alarm:

The AMLC reportedly used an official risk assessment from 2020 to state that companies approved under the POGO program had often submitted ‘low level of awareness‘in money laundering and other fraudulent activities such as the potential financing of terrorism. This would have happened about 15 months before the Philippines became one of the four nations alongside Haiti, Malta and South sudan be placed on a “gray list” by the Financial action group due to weaknesses identified in its anti-money laundering rules.

Increased surveillance:

However, the administration of the Philippine president Rodrigo Duterte have gradually strengthened the supervision of companies holding a POGO license in recent times and signed a law last month which now obliges these companies to pay 5% of their gross monthly gambling revenues to tax. This was part of the country’s plan to quickly emerge from the financial turmoil of the coronavirus pandemic and could allegedly allow the state to benefit to the tune of up to $ 935 million every year.

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