THE Anti-Money Laundering Council (AMLC) has issued a warning to the public about two Philippine Offshore Gaming Operators (POGOs) that have failed to cooperate with its compliance checks.
In a statement on Friday, the AMLC encouraged caution and adherence to relevant protocols when dealing with POGOs MG Universal Link Ltd. and Inner Strong Ltd.
The amended Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) Guidelines for Designated Non-Financial Businesses and Professions (DNFBPs) under the amended Anti-Money Laundering Act of 2001 (AMLA) included offshore gaming operators and their service providers on the list of covered persons, it underscored.
According to the country’s financial intelligence unit, Section 54.A.1 of the 2021 AML/CTF Guidelines for DNFBPs gives it the authority to conduct compliance-checking with at least 24 hours’ notice to validate DNFBPs’ compliance with the AMLA, as amended, its implementing rules and regulations, guidelines and other AMLC issuances.
“Failure or refusal to cooperate would mean noncompliance and will be subject to such penalties and sanctions as the AMLC and the appropriate government agency (AGA) may impose under the AMLA, as amended and AGA’s charters, respectively, as well as the implementing rules and regulations and issuances of the AMLC and AGA,” it continued.
AMLC said supervising authorities have been told that various covered persons under their supervision have failed or refused to comply with the AMLC in its compliance-checking efforts.
It also informed the supervising authorities that any covered persons who failed or refused to cooperate with the AMLC would have their registration revoked.
Article and Photo originally posted by Manila Times last October 9, 2021 and written by Mayvelin U. Caraballo.