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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
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严立新
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陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
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李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
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汤 俊
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李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
高增安
高增安
复旦大学中国反洗钱研究中心特聘研究员,专事反洗钱与贸易领域的研...
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顾卿华
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上传时间: 2021-02-23      浏览次数:387次
POGOs given 1 month to sign up to AMLC

 

https://calvinayre.com/2021/02/22/business/pogos-given-1-month-to-sign-up-to-amlc/

 

The Philippine Offshore Gambling Operators (POGOs) have a new bar to clear if they wish to stay in the country. Operators and their service providers have until March 16, 2021 to register for the Anti Money Laundering Council (AMLC).

 

The requirement comes thanks to an amendment to the Anti-Money Laundering Act (AMLA) of 2001, which added the two sectors, as well as real estate develops and brokers, to the covered persons under the act. They must all register for an electronic reporting system. “These persons and entities are required to report covered and suspicious transactions to the AMLC within the period prescribed and for the threshold amount fixed by the law,” it said. Failure to register “would mean failure to electronically file covered and suspicious transaction reports with the AMLC, which is a money laundering offense per Sec. 4 of the AMLA.”

 

Violators with assets worth over P50 billion ($1 billion) face a maximum penalty of P5 million ($1 million), while companies with assets worth P10 million ($200,000) and below need to pay between P10,000 ($200) and a maximum of P500,000 ($10,000).

 

President Rodrigo Duterte signed the law amending the AMLA on January 29, 2021. The Philippines was previously on a money laundering grey list, and the new amendments were seen as a way to bolster investigations and returning to international ill repute.

 

Gambling operators were specifically called out by an AMLC report that cited them as a risk for money laundering.

 

To help fight money laundering, the AMLC also announced an agreement with the Philippine National Police (PNP). The two groups will share information on suspected criminals and leads to money laundering groups.

 

The hope from such an effort would be that this would be a negligible bar for licensed POGOs to clear, as long-time players in the industry would have had to implement anti-money laundering checks long ago. The big question is if this effort would have any effect on cracking down on the NOGO industry, or unlicensed POGOs by another name, as they may be less likely to care how their platforms are being used, and have otherwise been a thorn in the side of Philippines law enforcement.