{"id":18936,"date":"2024-05-27T03:03:40","date_gmt":"2024-05-27T03:03:40","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/high-incidence-of-money-laundering-seen-in-gaming\/"},"modified":"2024-05-27T03:03:40","modified_gmt":"2024-05-27T03:03:40","slug":"high-incidence-of-money-laundering-seen-in-gaming","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/high-incidence-of-money-laundering-seen-in-gaming\/","title":{"rendered":"\u2018High incidence\u2019 of money laundering seen in gaming"},"content":{"rendered":"
\n

By Luisa Maria Jacinta C. Jocson, <\/b>Reporter <\/i><\/p>\n

THE PHILIPPINES is likely to exit the <\/span>\u201cgray <\/span>list\u201d of the Financial Action Task Force (FATF) soon despite a \u201chigh incidence\u201d of money laundering, mainly in the gaming sector, Moody\u2019s said.<\/p>\n

Choon Hong Chua, Moody\u2019s senior director and head of the Financial Crime Practice Group for Asia and the Pacif<\/span>ic and the Middle East, said that the Philippines is \u201con track\u201d to exit the gray list.<\/p>\n

\u201cIt is clear the country is committed to strengthening anti-money laundering and counter f<\/span>inancing of terrorism (AML\/CFT) controls and has implemented more stringent requirements,\u201d he told the BusinessWorld<\/i> in an e-mail interview.<\/p>\n

The Moody\u2019s Grid database showed that from 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activity events added over the f<\/span>ive-year period.<\/p>\n

\u201cFrom 2022 to 2023, the number of money laundering events added in the Philippines increased 45%,\u201d it added.<\/p>\n

Mr. Chua said that there has been a \u201chigh incidence\u201d of money laundering events in the country related to gaming activities, citing online gambling, casinos and betting centers.<\/span><\/p>\n

\u201cBesides these activities, a large proportion of money laundering activity in the region is also linked to organized crime and complex scam operations, some of which are set up in the Philippines,\u201d he added.<\/p>\n

The Philippines has been on the FATF\u2019s list of jurisdictions under increased monitoring for dirty money activities since June 2021.<\/span><\/p>\n

The FATF Plenary, which is the organization\u2019s decision-making body, usually meets in February, June and October.<\/p>\n

\u201cWe have seen the current regime take an active step to improve the level of AML competency in the banking sector \u2014 from the implementation of new regulations to active communications with the covered entities. This stemmed from some of the weaknesses observed,\u201d Mr. Chua said.<\/p>\n

He noted the government\u2019s ongoing initiatives to \u201cimplement stricter controls, reporting requirements, and enforce compliance within the f<\/span>inancial sector.\u201d<\/p>\n

Early this year, President Ferdinand R. Marcos, Jr. ordered all concerned government agencies to hasten ef<\/span>forts to help the country exit the gray list as soon as possible.<\/p>\n

The Anti-Money Laundering Council\u00a0 <\/span>also earlier said it is working to increase the investigations and prosecutions related to dirty money this year.<\/p>\n

\u201cThe private sector also has a part to play by adhering to the requirements promptly to lift the Philippines out of the gray list. This requires a concerted e<\/span>f<\/span>fort and engagement from both the public and private stakeholders,\u201d Mr. Chua said.<\/span><\/p>\n

\u201cThe private sector will also need to invest to build capabilities that enable a shift towards a faster, more efficient, digitized system.\u201d<\/p>\n

Financial institutions and the overall private sector must \u201cparticipate in anti-money laundering ef<\/span>forts.\u201d<\/p>\n

Mr. Chua also recommended measures to boost the private sector\u2019s capacity to combat money laundering activities and strengthen third-party risk management capabilities to help institutions mitigate various risks.<\/p>\n

Emerging technologies such as artificial intelligence (AI) and machine learning (ML) can also be used to strengthen f<\/span>inancial crime detection and reporting, Mr. Chua said.<\/p>\n

\u201cAI and ML can enhance Know Your Customer (KYC) workf<\/span>lows when it comes to the screening, onboarding, and due diligence processes for compliance,\u201d he said.<\/p>\n

\u201cKYC workflows can be enhanced with access to trusted internal and external datasets. Embedding an AI capability, such as a chat interface or copilot tool, within a client lifecycle management platform, can also help highlight critical information and provide more datapoints to make an informed decision.\u201d<\/span><\/p>\n

Mr. Chua said there must still be humans involved in the compliance teams to maximize the potential of these technologies and workflows as well as \u201censure a fair, quality outcome.\u201d<\/span><\/p>\n

Mr. Chua said AI can be used in screening technologies to \u201creduce false positives in the name matching process.\u201d<\/p>\n

\u201cTrue alerts can be prioritized to reduce time-to-decision when assessing risk,\u201d he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES is likely to exit the \u201cgray list\u201d of the Financial Action Task Force (FATF) soon despite a \u201chigh incidence\u201d of money laundering, mainly in the gaming sector, Moody\u2019s said.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,10166,1421,18074,5987,5986,4778],"class_list":["post-18936","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-gaming","tag-high","tag-incidence","tag-laundering","tag-money","tag-seen"],"yoast_head":"\n\u2018High incidence\u2019 of money laundering seen in gaming - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/high-incidence-of-money-laundering-seen-in-gaming\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018High incidence\u2019 of money laundering seen in gaming - 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