The Philippines is going through renewed calls to strengthen its oversight of cryptocurrency and online gambling sectors to mitigate the dangers of cash laundering and monetary crime.
This comes within the wake of the nation’s current elimination from the European Fee’s ‘high-risk’ cash laundering record, a transfer that displays vital progress in aligning with world regulatory requirements and enhancing the nation’s monetary repute.
Moody’s, a worldwide credit standing company, has emphasised the significance of continued vigilance, significantly in sectors similar to on-line gaming and cryptocurrency, which stay susceptible to illicit monetary actions.
Xiao Chen, Affiliate Director at Moody’s, highlighted that whereas the delisting by the European Fee is a optimistic step,
“The delisting is anticipated to enhance the nation’s monetary repute, ease entry to the EU monetary system, and assist cross-border commerce and funding,” he stated.
“Continued vigilance will likely be important, significantly in sectors similar to on-line gaming and cryptocurrency, to make sure that residual dangers are successfully managed.”
The Anti-Cash Laundering Council (AMLC), chaired by Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr., is actively conducting a threat evaluation masking numerous types of on-line playing and digital belongings.
Authorities are targeted on figuring out rising threats, particularly as technological developments current new challenges within the ongoing battle in opposition to monetary crime.
Regardless of these regulatory milestones, cash laundering dangers persist. On-line gaming and cryptocurrency companies function past conventional monetary sectors, typically using superior know-how and cross-border transactions that complicate oversight.
The Philippine Amusement and Gaming Company (PAGCOR) reported that electronic gaming revenues reached P48.79bn in 2024, underscoring the dimensions and potential vulnerabilities inside the trade.
The FATF’s determination to take away the Philippines from its grey record adopted a complete evaluation, together with on-site visits and proof of strengthened anti-money laundering and counter-terrorism financing frameworks.
Nonetheless, specialists warning that ongoing reforms and inter-agency coordination are important to take care of this standing and shield the integrity of the monetary system.
Because the Philippines continues to increase its digital financial system, authorities are ramping up monitoring efforts and enhancing regulatory frameworks to deal with the dangers related to cryptocurrencies and on-line playing.
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