Philippines gaming regulator PAGCOR says it will put greater focus on the evaluation of the beneficial owners of offshore service providers and hold them liable in instances where their companies are found to be engaging in illegal activities.
Details of the agency’s new regulatory framework for offshore gaming were presented to the Senate Committee Hearing on Wednesday, with PAGCOR’s Assistant Vice President for Offshore Gaming Licensing, Atty. Jessa Fernandez, confirming that all licensees and service providers must re-apply for licenses by 17 September 2023.
As recently reported by IAG, PAGCOR is putting all existing POGO licensees and service providers under a probationary stance that will require them to reapply for licenses as it looks to clean up the county’s offshore online gaming industry.
“In the present framework, all Service Providers who are accepting bets are required to apply for a license. We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity,” Fernandez told the Senate Committee Hearing.
“Entities with findings of activities outside their granted license or accreditation will not be granted a license under the new framework. Likewise, licensees or service providers who shall not re-apply or were granted license within the given period shall be endorsed for cancellation.”
Fernandez also revealed that PAGCOR has been working closely with other government and law enforcement agencies to set up offices inside one of the Philippines’ accredited POGO hubs, with stricter sanctions now awaiting all erring licensed offshore gaming operators and accredited service providers.
Reforms already in effect include the “intensified inspection and verification of compliance of offshore gaming licensees and service providers; submission of reports to enforcement agencies for investigation and verification of findings; enhanced coordination with relevant government agencies; and stricter implementation of regulations and imposition of heavy penalties to licensees and services providers who violated existing regulations,” Fernandez explained.
The stricter sanctions follow the recent closure of a POGO hub in Clark found to be involved in cryptocurrency investment scams, serious illegal detention and human trafficking activities.
Another POGO in Manila’s Las Piñas City was issued a cease and desist order while PAGCOR investigates allegations of similar crimes.
