PAGCOR participated in the Third Mutual Evaluation (ME) which the Philippines had to undergo to gauge its compliance with the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements. The ME, which was conducted from November 15 to 28, 2018, formally opened at the Bangko Sentral ng Pilipinas (BSP).
It was the first time that PAGCOR participated in an ME with the Asia Pacific Group (APG) on Money Laundering since casinos were included as covered persons in the Anti-Money Laundering Act (AMLA) in 2017.
PAGCOR, being the supervising authority, sent a delegation to the evaluation, composed of heads of the Licensing Regulatory Group, Monitoring and Enforcement Group/Casino Monitoring and Enforcement Department, PASED, Legal Group, Gaming Licensing and Development Department and Offshore Gaming and Licensing Department. Another group, composed of the heads of the Anti-Money Laundering Compliance Department, Treasury Department, Internal Gaming Operations Department, Sot Machine Department, and Security Operations Group 2 represented PAGCOR as operator or the Casino Filipino.
PAGCOR representatives responded to the queries of the ME assessors regarding the kinds of contracts PAGCOR has entered. This includes existing PAGCOR policies, rules, regulations, and other legal frameworks. The effectiveness of the AML/CFT system and the extent to which the institutional framework is producing results was also discussed.
The involved parties, along with representatives from Casino Filipino and Philippine Offshore Gaming Operator (POGO) also discussed the history and operations of casinos and other game offerings in the Philippines.
On, November 23, 2018, the APG Assessment Team conducted an on-site interview at Solaire Resorts and Casinos, wherein they visited junket rooms, rewards club, cage department and the PAGCOR monitoring room.
On November 28, 2018, the APG Assessment Team provided their initial findings with regard to the AML/CFT system of gaming in the Philippines. They said that in terms of vulnerability, the casino sector had an improved rating of "high risk", compared to the last ME's rating of "very high risk".
Annie Chau, a member of the APG Assessment Team and a casino expert from Macau, commended PAGCOR's AML compliance. Although the Bangko Sentral ng Pilipinas (BSP) and other financial institutions are ahead of PAGCOR in their AML obligations, they (1) have a strong potential because of its extensive experience in regulating casinos; and (2) are quite fast in its implementation of AML measures.