Gordon: Suspicious POGO transactions put OFW remittances at risk

The huge amounts of suspicious money transactions involving Philippine Offshore Gaming Operator (POGO) businesses will have a negative impact on Overseas Filipino Workers (OFWs)' sending of remittances to their loved ones at home, Senator Richard Gordon warned Thursday.

Gordon made the remark during a Senate probe into possible money laundering operations using POGO businesses, at which the Anti-Money Laundering Council (AMLC) said that it considers at least P14 billion worth of POGO transactions suspicious.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier agreed with Gordon, citing a provision in the Financial Action Task Force's Recommendation Number 32, which mandates countries to put up measures which can detect the physical cross-border transportation of currency and bearer of negotiable instruments, including through a declaration system and/or disclosure system.

The Financial Action Task Force (FATF) is an intergovernmental body that mandates countries to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.

Further, the FATF requires that countries “ensure that their competent authorities have the legal authority to stop or restrain currency or bearer negotiable instruments that are suspected to be related to terrorist financing, money laundering or predicate offenses, or that are falsely declared or disclosed.”

“Iyong mga remittance [courier] companies, puede pong mag-delist [ng bansa]; hindi na sila [OFWs] papayagan magpadala [sa Pilipinas],” Fonacier said.

“Puede naman pong iyong iba na payagan pa rin, pero mas mataas po iyong fee [para makapagpadala],” Fonacier added.

In 2019, OFWs sent over $30 billion worth of remittances to the Philippines—a record high based on Bangko Sentral ng Pilipinas’ records. — BM, GMA News