E-gambling risks PH 'grey list' exit

While the Bangko Sentral ng Pilipinas (BSP) has already moved to unlink in-app online gambling platforms from financial institutions, the central bank chief affirmed the possibility of the Philippines returning to the money-laundering watchlist should the government fail to contain persisting online gambling concerns.

- By DERCO ROSAL

Should the government fail to resolve both the existing problems and those emerging from the unprecedented surge in e-gambling, the Philippines could stand face to face with the risk of being part of the Financial Action Task Force's (FATF) "grey list" again after its successful exit in February.

"Yes, but that can be resolved," BSP Governor Eli M. Remolona Jr. told reporters on the sidelines of the Manila Tech Summit on Tuesday, Aug. 26, in response to a question regarding the country's potential return to such watchlists.

For context, Yuchengco-led Rizal Commercial Banking Corp. (RCBC) figured in one of the world's largest cyber-heists in 2019, when $81 million looted from Bangladesh's central bank passed through its accounts before being funneled into the local casino sector.