On 16th October, KYC carried an article saying that, despite 470,000 jobs and over $11 billion it contributes to the economy, nobody is sure who fully owns Philippines’ online gambling industry.  It says that online gambling operators, or POGO, are invisible, have owners which are mostly anonymous, according to information gathered by the Nikkei Asian Review.  Of the 60 POGO set up in the Philippines since 2016, most are registered either in the BVI, or other tax havens including the Seychelles, Belize, Samoa and the Isle of Man.  Only 15 POGO are said to be registered with the Bureau of Internal Revenue, and only 6 pay taxes.  It is said that the Anti-Money Laundering Council has revealed that it was already looking into the POGO industry to “understand peculiarities and trends in the flow of funds of online gaming operators and licensees” that will assist in the conduct of a money laundering and terrorism financing assessment of the sector.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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