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PAGCOR Initiates Financial Checking of Gambling-Related Banks

28 September 2020, 15:29
Votes: 1

The Philippines' gambling regulator is worried about the increased number of money laundering cases in the country and initiates tighter control in the financial sector related to gambling. PAGCOR calls the central bank to look attentively at the situation and apply appropriate measures to exclude illegal gambling operators' activity via restricting financial paths they can use to reach out to punters.

PAGCOR Initiates Financial Checking of Gambling-Related Banks

According to the latest financial news, global lockdown led to increased online gambling activity throughout countries worldwide. The Philippines gambling regulator also reports about the increased number of punters and gambling-related activity in the state.

However, PAGCOR is even more concerned about the illegal gambling activity, which is held beyond governmental control. The newly appeared online casinos and bookmaking vendors break both financial and advertising Philippines' rules, harming the punters in an uncontrolled way.

PAGCOR focuses on the financial side of the problem

To return the things to standard conditioning, PAGCOR asked the central bank and Anti-Money Laundering Council to pay attention to the banks and financial institutions that serve illegal gambling venues. According to the organization's statement, the cash-transactions' helpers of unlawful gambling can be considered as law violators and have to be regulated stricter to avoid illegal gambling in the country.

PAGCOR also sees in such a financial check a possibility to close or restrict at least illegal gambling operators' opportunities. Moreover, the regulator also wants to influence the advertising side of the issue. PAGCOR will ask Facebook to limit fraudulent activities on its platform, along with other digital ad sources that were active in popularizing illegal gambling services.

Read more: How is online gambling in Europe regulated?

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