The Anti-Money Laundering Council (AMLC) in the Philippines has flagged some P14 billion in suspicious transactions relating to drug trafficking, fraud, and violations of the country’s electronic commerce law. The findings were made when the AMLC conducted a risk assessment report on Philippine Offshore Gaming Operators (POGO); POGO was closed down due to criminal activities including kidnapping.
According to Racela, in a separate Senate committee hearing last month, the agency revealed that an increasing level of threat to money laundering and other fraudulent activities were found during the assessment; and recommendations have been made to address risks. He further said that about P54 billion was flowing in the industry between 2017 and 2019, and this represents less than a third of one percent of the Philippine economy. The Minority Leader Franklin Drilon condemned continued licensing of POGO operations and criticized the government gambling regulators for focusing on revenues from the industry. Sen. Richard Gordons, who chairs the blue ribbon committee has estimated $633 million of suspected illegal money brought to the country from September 2019 till this month.
