{"id":8972,"date":"2025-02-25T00:25:26","date_gmt":"2025-02-24T23:25:26","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=8972"},"modified":"2025-02-25T00:25:26","modified_gmt":"2025-02-24T23:25:26","slug":"phl-called-to-strengthen-oversight-of-money-laundering-threats-from-online-gambling-and-cryptocurrency","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/02\/25\/phl-called-to-strengthen-oversight-of-money-laundering-threats-from-online-gambling-and-cryptocurrency\/","title":{"rendered":"PHL Called to Strengthen Oversight of Money Laundering Threats from Online Gambling and Cryptocurrency"},"content":{"rendered":"\n<p class=\"p2\"><span class=\"s1\">THE PHILIPPINES must remain vigilant <\/span> regarding money laundering threats stemming from online gaming and cryptocurrency, even after it has <span class=\"s2\">moved off the dirty money watchdog\u2019s \u201cgray list,\u201d<\/span> as noted by an analyst.<\/p>\n<p class=\"p3\"><span class=\"s3\">Choon Hong Chua, who leads Moody\u2019s financial crime practice group for Asia-Pacific and the Middle East, stated that the Philippines\u2019 removal from the Financial Action Task Force\u2019s (FATF) gray list \u201cdemonstrates its dedication to enhancing its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks.\u201d<\/span><\/p>\n<p class=\"p3\">\u201cLeaving the gray list will enhance investor trust and financial stability. The Philippines has improved inter-agency collaboration and executed extensive reforms,\u201d he elaborated.<\/p>\n<p class=\"p3\">\u201cNonetheless, completely eradicating money laundering risks is quite challenging. Sectors such as online gaming and cryptocurrency go beyond the financial sector and will necessitate ongoing scrutiny to mitigate potential threats,\u201d he remarked.<\/p>\n<p class=\"p3\">In recent years, online gaming has increased in popularity within the Philippines. According to data from the Philippine Amusement and Gaming Corp. (PAGCOR), revenues reached a record-high P112 billion in 2024, with the electronic games segment contributing half or P48.79 billion.<\/p>\n<p class=\"p3\">The FATF has ultimately removed the Philippines from its gray list of jurisdictions subject to increased scrutiny for dirty money, following a successful on-site evaluation that confirmed the nation had fulfilled its action plan.<\/p>\n<p class=\"p3\"><span class=\"s4\">The Philippine government is optimistic that this removal from the gray list will boost investments and broaden trade alliances that will stimulate economic growth. <\/span><\/p>\n<p class=\"p3\">However, a Citi economist indicated that merely exiting the gray list is insufficient to stimulate investments in key areas like manufacturing.<\/p>\n<p class=\"p3\">\u201cCertainly, it\u2019s positive to no longer be on the gray list, but I don&#8217;t believe this will directly result in substantial diversion opportunities in manufacturing since it clearly requires much more than that,\u201d remarked Citi Head of Emerging Markets Economics Research Johanna Chua during an interview on <i>Money Talks with Cathy Yang<\/i> on One News on Monday.<\/p>\n<p class=\"p3\">The Philippines had been on the FATF\u2019s gray list for more than three years, starting from June 2021.<\/p>\n<p class=\"p3\">\u201cIt\u2019s encouraging to be off the gray list, but we require more than that to establish a robust ecosystem for manufacturing, which includes better infrastructure and supply-chain systems,\u201d emphasized Ms. Chua.<\/p>\n<p class=\"p3\">\u201cThat\u2019s clearly not a competitive edge for the Philippines. The nation is more suited for services,\u201d she added.<\/p>\n<p class=\"p3\">The Philippines recorded $37.4 billion in service exports during the first nine months of 2024, marking a 6.25% increase from the previous year, according to central bank statistics.<\/p>\n<p class=\"p3\">In 2024, the exports of services surged by 8.3%, as per data from the local statistics authority. This segment also represented 13% of the gross domestic product (GDP).<\/p>\n<p class=\"p3\">Ms. Chua highlighted India as an instance, where significant public capital investments in infrastructure have been observed in recent years.<\/p>\n<p class=\"p3\">The government has vowed to allocate 5-6% of GDP towards infrastructure annually.<\/p>\n<p class=\"p3\">Meanwhile, former Finance and Socioeconomic Planning Secretary Jesus P. Estanislao described the Philippines\u2019 removal from the gray list as a \u201cvery encouraging development.\u201d<\/p>\n<p class=\"p3\">\u201cIt has been quite embarrassing for the Philippines to have been on that list for so long. Now we are demonstrating to the global community that we wish to be integrated with you, and we reject money laundering, financing, or any criminal activities.\u201d<\/p>\n<p class=\"p3\">\u201cWe aim to refine our systems, and I am pleased that we have succeeded in persuading them of our commitment to this effort. This is uplifting news,\u201d he stated.<\/p>\n<p class=\"p3\">This also reflects that the Philippines is evolving into a \u201cmuch more transparent economy.\u201d<\/p>\n<p class=\"p3\">\u201cWe are signaling to the world that we aspire to participate in the global financial system, which combats terrorism financing, fights against money laundering, and all other dubious activities exploiting the international financial system,\u201d Mr. Estanislao added.<\/p>\n<p class=\"p5\"><b>TARIFFS<br \/>\n<\/b>In the meantime, Ms. Chua stated that the Philippines ranks among the economies least affected by the United States\u2019 tariff proposals.<\/p>\n<p class=\"p3\">\u201cIn Asia, I believe the Philippines is somewhat second to India in being relatively insulated from the tariff discussions. One advantage India possesses is the significant interest in diversifying investments in manufacturing,\u201d she noted.<\/p>\n<p class=\"p3\">Markets are preparing for the potential repercussions of US President Donald J. Trump\u2019s trade policies, which include reciprocal tariffs on all nations assessing taxes on US imports.<\/p>\n<p class=\"p3\"><span class=\"s5\">Since office inception in January, Mr. Trump has already imposed a 10% tariff on Chinese imports, along with levies on all steel and aluminum imports starting in March. <\/span><\/p>\n<p class=\"p3\">\u201cMuch of the tariff discussions, aside from China, appear to be more sector-specific and targeted, often viewed as a pretext for negotiations,\u201d she further explained.<\/p>\n<p class=\"p3\">Concurrently, Ms. Chua indicated that it is \u201cnot implausible\u201d for the Philippines to approach nearly 6% growth this year.<\/p>\n<p class=\"p3\">\u201cWe anticipate Philippine growth will nearly reach 6%, specifically 5.9%, which is still a notably solid growth rate compared to many emerging market nations,\u201d she remarked.<\/p>\n<p class=\"p3\">Economic leaders aim for a GDP growth target of 6-8% for the year.<\/p>\n<p class=\"p3\">The Philippine economy expanded by 5.6% in 2024, falling short of the government\u2019s 6-6.5% target. \u2014 <b>Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2025\/02\/25\/655367\/phl-urged-to-monitor-dirty-money-risks-from-online-gambling-crypto\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE PHILIPPINES must remain vigilant regarding money laundering threats stemming from online gaming and cryptocurrency, even after it has moved off the dirty money watchdog\u2019s \u201cgray list,\u201d as noted by an analyst. Choon Hong Chua, who leads Moody\u2019s financial crime practice group for Asia-Pacific and the Middle East, stated that the Philippines\u2019 removal from the<\/p>\n","protected":false},"author":3,"featured_media":8973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[1443,1442],"class_list":["post-8972","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-crypto","tag-return-a-list-of-comma-separated-tags-from-this-title-phl-urged-to-monitor-dirty-money-risks-from-online-gambling"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PHL Called to Strengthen Oversight of Money Laundering Threats from Online Gambling and Cryptocurrency - WSJ-Crypto<\/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:\/\/wsj-crypto.com\/index.php\/2025\/02\/25\/phl-called-to-strengthen-oversight-of-money-laundering-threats-from-online-gambling-and-cryptocurrency\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHL Called to Strengthen Oversight of Money Laundering Threats from Online Gambling and Cryptocurrency - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES must remain vigilant regarding money laundering threats stemming from online gaming and cryptocurrency, even after it has moved off the dirty money watchdog\u2019s \u201cgray list,\u201d as noted by an analyst. 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