The Philippines is bullish on exiting the FATF grey list this year. To that end, the country’s president, Ferdinand R. Marcos Jr has asked all government agencies to fix the regulatory shortcomings identified by the Financial Action Task Force.

According to reports, Marcos’ directive was communicated to agencies during a recent meeting. During that meeting, the President highlighted the economic importance of exiting the grey list. For reference, the Philippines originally had to convince the FATF that it should be removed from the grey list by January 2023. However, this period was extended by 12 months, providing the country with more time to address its shortcomings.

Matthew David, the executive director of the Anti-Money Laundering Council (AMLC) Secretariat, commented on the matter, saying that the President has “reiterated the government’s commitment” to addressing the deficiencies identified by the FATF.

David confirmed that the country hopes to address all of the points made by the task force in 2024 and trigger the country’s exit from the grey list by the end of the year. According to him, 10 of the 18 deficiencies identified by the FATF have already been addressed. The remaining eight are currently being addressed or not yet addressed.

David admitted that the Philippines still needs to properly tackle terrorism financing.

The Philippines Is Optimistic about Its Exit

While there is a lot more work to do, David said that the Philippine government believes that it is on the right track. According to him, the President is very content with the work of the AMLC.

In his interview with the Philippine News Agency, David said:

Our goal is to eventually exit the grey list. There are repercussions for being in the grey list because the longer we are in the grey list, the bigger the possibility or the higher risk that we will enter the black list.

Matthew David, exec director, AMLC Secretariat

In October, the Philippine government published Memorandum Circular No. 37, ordering 44 government agencies to work on addressing the 18 deficiencies outlined in the FATF’s report. A number of authorities, including the PAGCOR, were thus required to step up their AML efforts.

In line with its efforts to strengthen its regulations, the Philippines also joined forces with China to crack down on illegal offshore operators in the country. This followed a joint action between the two countries that resulted in the repatriation of 400 Chinese nationals.

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The United Kingdom Gambling Commission’s CEO Andrew Rhodes delivered a speech at November 8’s CEO Briefing, discussing the state of gambling in the UK, the challenges the regulator faces and outlining the commission’s desire to work with the industry and not against it.  

In the wake of the publication of the Gambling Act white paper, gambling in the UK is set to change, leading to a polarization within the sector. He added that the commission has no commercial interest, strives to be impartial and seeks to set clear statutory objectives.

Rhodes reasserted that certain parties have been misinterpreting statistics and misinforming the public, making it increasingly challenging to engage in a meaningful debate. While the CEO acknowledged that everyone is entitled to their opinion, he added that the ongoing situation isn’t helping anyone.

Despite that, Rhodes remains committed to leading productive conversations with the industry and commenting on the difficult things. He said the UKGC hopes for a “more grown-up relationship” with gambling operators, leading to transparency and collaboration. To that end, Rhodes addressed what gambling companies can expect from the UKGC and its three-year Corporate Strategy.

The Industry Can Now Focus on More Complex Issues

Rhodes admitted that the joint effort between the UKGC and gambling regulators has led to a decrease in cases of extreme harm. As a result, the industry can now start looking at more complex issues.

Rhodes also recognized that the industry is diverse and one-size-fits-all solutions are not always the best. Because of that, the industry needs to strike an appropriate balance and must start by forming a constructive relationship with the regulator.

One of the things the CEO mentioned is the exaggerated risk the black market represents. Rhodes admitted that some risk exists but said that the industry must turn the anecdotal examples into something actionable.

He also noted the changing nature of risk, noting that active players are now playing more. The UKGC’s compliance program focuses on risk and ensuring that operators in tiers two and three grow in a responsible fashion.

The Debate Is Becoming Increasingly Bitter

Rhodes underscored the importance of the Gambling Act Review and its implementation, saying that much of the regulator’s focus in the following year will be dedicated to that. He proceeded to comment on the “very particular ecosystem” in the UK.

The CEO promised operators that the UKGC is constantly seeking to resolve conflicting requirements. As a result, the commission seeks to maintain a healthy industry while also protecting vulnerable audiences from harm. According to Rhodes, balance is exactly what helps the UKGC make complex judgments.

However, considering the size of the British gambling market, there are many people with strong opinions on where this balance should be.

Rhodes mentioned the horse racing debate that has been becoming increasingly bitter, with many people seeking to scrutinize any word he speaks. As a result, Rhodes has heard a variety of opinions, many of which have become increasingly extreme.

I can completely understand the passion for their sport, for their sector and this is something DCMS explicitly factored into its impact assessment.

Andrew Rhodes, CEO, UKGC

Rhodes also mentioned that sometimes, people tend to overexpose the gambling side of things. On one side, Rhodes pointed out that soccer, for example, will continue to be popular, regardless of whether players can wager on it or not. On the other, Rhodes agreed that racing’s relationship with gambling is more unique and that a decline in betting will deprive the sector of money. In addition, he pointed out that the racing sector depends on an audience five times smaller than other sports betting.

Rhodes Addressed the Affordability Measures yet Again

The UKGC CEO then discussed the controversial affordability measures. He noted that the horseracing industry is currently petitioning against the measure.

This is a point of principle disagreement – it does not matter whether checks are frictionless or not, the point of the argument is there should be no checks at all.

Andrew Rhodes, CEO, UKGC

Rhodes used the opportunity to remind operators that the checks in question would only affect the online gambling sector and not the land-based sector.

Rhodes reminded the industry representatives that the financial checks appeared on the white paper for a reason since many examples showed unaffordable gambling taking place with little to no intervention.

He said that compliant companies should keep in mind that their compliance doesn’t mean that everyone is playing by the rules. In short, the industry has to be treated as a whole.

Rhodes once again regretted the ongoing misunderstandings and pointed out that both he and the Secretary of the State have reiterated that the checks would only be tested, trialed or implemented when reliable tools are available. He added that it is imperative for the UKGC and the industry to work together to deliver a solution that satisfies the government’s vision.

The Industry Must Strike a Balance

Beyond the claims that affordability checks would negatively impact the sector, the executive also addressed the belief that the checks would intrude on players’ liberties. He said that the balance between individual choice and protection of vulnerable customers.

The CEO asked company representatives where they draw the line between choice and harm.

Where do you pitch your risk appetite? Where does the Commission draw the line? How much is enough information in a risk-based model? These are the sorts of very difficult questions I alluded to when I spoke to you all last year.

Andrew Rhodes, CEO, UKGC

He added that the balance is something the government will have to consider in the following months.

The Industry Will Continue to Change

Rhodes warned that the creation of an Ombudsman would introduce further change. He noted that the UKGC continues to receive an overwhelming amount of complaints that ought to be directed to a specialized body.

While the CEO emphasized that the Ombudsman would be a good thing for the players, he warned operators that it would change perceptions of the entire sector. He added that the introduction of the statutory levy would also drive further change.

Rhodes also commented on the importance of maintaining high AML standards and pointed out how FATF-graylisted countries often suffer a variety of setbacks. The government is already considering a single regulator for AML. The government plans to task it with conducting checks regardless of whether the UKGC introduces affordability checks or not.

The UKGC Will Encourage Collaboration

In the meantime, the UKGC CEO reasserted the commission’s intention to join forces with other regulators all over the world. As previously explained by Tim Miller, cooperation can ensure that licensees are also behaving abroad.

While Rhodes acknowledged that some tension between the regulator and the regulated is unavoidable, he reasserted his desire to work with the industry in a non-adversarial manner. To that end, the UKGC will continue to have roundtables with different operators and encourage transparent discussion.

Rhodes pointed out that the UKGC is ramping up its engagement. Last financial year it held 220 meetings, visits and events with stakeholders. This year, it has already held almost 150.

So the Commission is committed – where possible – to a more supportive, transparent and grown-up relationship with any operator that is committed to their compliance and open to working with us. And it’s not just me – you have some of the Exec team here – and the wider team are increasingly reaching out to help ensure we are familiar and reachable to you.

Andrew Rhodes, CEO, UKGC

Rhodes concluded that compliance is non-negotiable, which is why a better relationship between the regulator and the regulated can benefit the entire sector.

Rhodes Teased Details about the UKGC’s Corporate Strategy

In conclusion, Rhodes teased a small update on the development of the UKGC’s three-year corporate strategy. The strategy, which the UKGC will publish next spring, will see the commission bolster its efforts to engage with the industry and ensure compliance.

Much of what comprises the strategy is not new, Rhodes noted. However, the plan demonstrates the UKGC’s desire to invest in this approach and reduce the reliance on formal enforcement and highlight transparency around compliance as a key theme.

Rhodes concluded that the UKGC and its licensees will likely always have their rocky times. However, he is keen on building on the ongoing efforts to encourage a collaborative and transparent approach. In line with that, Rhodes wished everyone who attended the meeting.

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Bullish on exiting the Financial Action Task Force (FATF) grey list, the Philippine government ordered 44 government agencies to update their policies. As a result, a number of authorities, including the PAGCOR, will be required to review their anti-money laundering (AML) and counter-terrorism financing (CTF) protocols.

Under a Memorandum Circular No. 37, issued by the Office of the President, government organizations will need to address the deficiencies that led to the Philippines’ inclusion in the FATF grey list.

For reference, the Philippines was included in the list back in 2021 for failing to properly counteract money laundering. The lax controls concerning casino junkets and the deficient information sharing between financial institutions were among the chief reasons for the greylisting.

The Memorandum Circular calls for urgent implementation of the National AML, CTF and Counter-Proliferation Financing Strategy (NACS) 2023-2027. In its announcement, the government emphasized its desire to crack down on fraud. The country hopes to exit the FATF grey list by January 2024.

The Philippines Hopes to Exit the FATF Grey List Quickly

The Memorandum prioritizes quick action, in accordance with the NACS and FATF’s International Co-operation Review Group (ICRG) Action Plans. The Memorandum Circular also establishes an ML/TF NRA Working Group that will have nine subgroups dedicated to different aspects of the NRA.

The ML/TF NRA Working Group will be led by the Anti-Money Laundering Council (AMCL), which will also be responsible for issuing guidelines and coordinating with other departments, agencies and private sector entities. The announcement said that funding for the initiative would be allocated from relevant agency budgets, in accordance with the applicable regulations.

The Memorandum Circular takes effect immediately, attesting to the Philippines’ desire to exit the FATF grey list as soon as possible.

Earlier this month, China agreed to help the Philippines crack down on illegal offshore gambling. This followed a recent joint action between the two countries that led to the repatriation of 400 Chinese nationals.

Speaking of that, in September, China joined forces with ASEAN and the United Nations Office on Drugs and Crime for a new initiative that seeks to combat transnational criminal activities.

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MGM Resorts International, a global gaming and hospitality giant, is currently eyeing the situation in the United Arab Emirates, where Wynn Resorts is building a multibillion-dollar property. The country previously claimed that it will not legalize gambling in spite of the aforementioned property but MGM Resorts thinks otherwise.

The company is hopeful that either Dubai or the UAE as a whole will approve gambling in the near future. In fact, this may be further discussed in the UAE as soon as this year, MGM believes, as cited by Skift.

While Wynn is currently occupied with building a large property on Al Marjan Island in Ras Al Khaimah, MGM isn’t a stranger to the UAE either. In 2017, the casino and hospitality specialist unveiled its plans for a 1,000-room Dubai-based resort.

MGM hopes that the Arab country will eventually reconsider its harsh stance on gambling, allowing MGM to add a casino to the property it manages. However, the decision will ultimately be in the hands of Abu Dhabi and the national government, said Bill Hornbuckle, MGM Resort’s president and chief executive officer.

Gaming Will Likely Be Discussed by the End of Summer 2023

Hornbuckle is optimistic that the UAE will at least consider the matter by the end of summer 2023. However, he realizes that each emirate might have a different stance on this.

The CEO noted that the potential launch of gambling in Dubai is what matters the most to his company. However, he added that his team will not miss out on the opportunities in other Arab emirates, should they back down on their disdain for gambling.

Coincidentally, MGM Resorts’ property in Dubai has a 150,000-200,000-square-foot space that can be easily converted into a gaming hall. However, Hornbuckle conceded that only time will tell whether this will happen.

Wynn Is Just as Hopeful

Speaking of gambling in the UAE, Wynn Resorts continues with the development of its Al Marjan Island property. The operator’s ultimate goal is, in its words, to recreate the Las Vegas Strip in the UAE.

While the country is still reluctant on allowing gaming, the project has progressed without major hiccups so far. In March, Wynn named ALEC Engineering and Contracting as the contractor of its unprecedented property in Ras Al Khaimah.

A few days ago, Wynn shared the first concept images of its ambitious projects, allowing industry enthusiasts to take a peek at what’s to come. A few days later, the casino and entertainment company named Thomas Schoen as the president of Wynn Al Marjan.

The post UAE Might Greenlight Gaming in 2023, MGM Resorts Hopes appeared first on Keno Wizard.

PokerMatch International has released an official commentary on the sanctions against PokerMatch Ukraine. The company’s Ukrainian subsidiary was included in a list of companies that were sanctioned for alleged ties with Russia.

PokerMatch Ukraine was one of 287 companies and 120 individuals that were just sanctioned by the National Security and Defense Council of Ukraine. Despite regretting the decision, PokerMatch International said that it doesn’t expect the sanction to impact its global business.

We would like to inform our partners that these sanctions have no impact on the international operations of the PokerMatch brand. The company is not abandoning its plans to develop new regions and continues to provide its existing customers with a full range of services, including fulfilling all its commitments.

PokerMatch International statement

PokerMatch Has Done a Lot to Develop Poker in Ukraine

PokerMatch said that it believes the inclusion of its partner in the sanctions list is a mistake since the PokerMatch brand was one of the first gambling companies to block the accounts of Russian players. In addition, the company said, it was also one of the first companies to block all assets of Russians across its platforms. Lastly, PokerMatch terminated its existing partnerships with Russian companies.

In addition to sanctioning Russia, PokerMatch also helped Ukraine by donating to the Ukrainian army and suffering families.

PokerMatch International continued by pointing out that it played a key role in the revival of sports poker in the Eastern European country. In addition, the poker brand helped Ukraine’s National sports poker team take part in the world sports poker championship in Dublin – an event from which it emerged victorious.

The global poker brand also pointed out that it has supported the opening of numerous clubs in Ukraine.

PokerMatch Hopes Ukraine Will Change Its Mind

PokerMatch International reasserted that it is “devoted” to Ukraine and its people and hopes that the National Security and Defense Council of Ukraine will rethink its stance.

We have no doubt that the honest name of the partner will be protected by all available legal means and the state will change its position in relation to the company, devoted to Ukraine.

PokerMatch International statement

Despite everything, PokerMatch congratulated Ukraine on protecting its people from Russian influence amid the ongoing war. The poker company admitted that this demanding undertaking isn’t mistakeproof. However, PokerMatch reasserted that it hopes Ukraine would be open to dialogue and fixing its alleged mistake.

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Calvin Ridley, an American football wide receiver, was suspended from the NFL for wagering on sports. The reformed player acknowledged his mistake and will now try to return to competing.

Ridley Wagered on Sports

Ridley was suspended after placing several mobile wagers in November 2021. It is known that Ridley placed around 10 bets and made a few parlay wagers. In total, the wide receiver wagered around $1,500.

Experts found out that in his playtime, Ridley had made parlays which included the Atlanta Falcons, which were his team at the time. Luckily for Ridley, investigators did not find any evidence of fraud or game information leak.

However professional NFL athletes are prohibited from betting as they might undermine the integrity of the league. Because of such concerns, Hard Rock contacted Genius Sports, the NFL’s sports data provider, and informed it that Ridley had bet. As a result, the player was reprimanded and suspended from competing professionally.

Ridley bet on his own volition, with his NFL coaches, teammates, competitors and staff being unaware of his wagering activity. According to a post he made on Twitter, the player does not suffer from problem gambling.

Ridley Began the Reinstatement Process

In November 2022, Ridley was acquired by the Jacksonville Jaguars despite still being suspended. The team believes that once the player will be a great option for quarterback Trevor Lawrence once he returns to competing professionally.

Ridley will now begin the process of returning to the league. As outlined in his suspension, Ridley became able to apply for reinstatement on February 15, 2023. The player applied for reinstatement as soon as possible and now hopes to return to the NFL.

Wagering Athletes Undermine the Integrity of Pro Sports

Athletes betting on sports are something that is widely regarded as problematic in professional competitions. Allowing professionals to wager may give them an unfair advantage over average bettors, compromising the fairness of sports betting.

In addition, wagering athletes may oftentimes be convinced to fix matches, thus undermining the integrity of professional sports as well.

Because of that, in 2022, UFC betting was temporarily banned in Ontario as the league did not follow some of the standards expected by the regulator. These concerns came amid a big betting scandal involving several professional UFC athletes and leading to the suspensions of a number of players. Soon after that, the UFC teamed up with US Integrity to improve its integrity controls.

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