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FATF Pressures Philippines to Fast-Track AML Initiatives for List Removal



Financial Action Task Force (FATF) has once more stressed the need for the Philippines to accelerate the adoption of its action plan concerning anti-money laundering (AML) and counter-financing of terrorism (CFT). The Philippines found its name on the FATF grey list in June 2021 due to an evaluation by the Asia-Pacific Group on Money Laundering (APG) that spotlighted 18 lapses in AML/CFT protocols.

FATF articulated, “We strongly recommend the Philippines promptly roll out its action plan to rectify the strategic shortfalls, especially given that all set deadlines lapsed in January 2023.”

See also: Philippines Encouraged by IMF to Hasten Steps for FATF Gray List Departure

Despite the strides made, the nation still has eight key issues to rectify to potentially exit the grey list by January. For the Philippines to make this transition, the FATF emphasized that it must manifest effective application of AML and CFT mechanisms, particularly in mitigating the perils tied to casino junkets.


Lucas Bersamin, the Executive Secretary, has directed respective departments to analyze and gauge their outcomes based on the International Cooperation Review Group (ICRG) Action Plans, with a deadline of November 30. Furthermore, the Anti-Money Laundering Council is expected to submit a comprehensive report by December 8.

In a significant address at SiGMA Asia in July, Alejandro H. Tengco, the PAGCOR chairman and CEO, accentuated the crucial need for the Philippines’ exit from the FATF. He underlined its paramount influence not just on the gaming sector, but also on the country’s commerce, trade, and global financial reputation.

Tags: #FATF, #Philippines, #AML, #CFT, #GreyList, #AntiMoneyLaundering, #CounterFinancingOfTerrorism, #PAGCOR, #CasinoJunkets.


Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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SOFTSWISS Expands into African Market with Turfsport Acquisition



In a strategic move that echoes its commitment to global expansion, SOFTSWISS, a trailblazer in the iGaming tech realm, has marked its presence in the African market.

With the acquisition of a majority stake in Turfsport, a distinguished South African provider of wagering software, SOFTSWISS ventures into new territory, promising innovation and synergy. Explore the intricacies of this significant partnership and its implications for the iGaming landscape.

The Nexus of Innovation: SOFTSWISS Meets Turfsport

The world of iGaming witnesses a pivotal moment as SOFTSWISS, a pioneering force in the industry, acquires a substantial stake in Turfsport. This strategic move unveils a realm of possibilities as both entities embark on a journey of collaboration and innovation.

For over three decades, Turfsport has established itself as a vanguard, offering comprehensive solutions for online, mobile, and retail operators. Their prowess is exemplified by the staggering volume of over 1.5 billion bets placed annually across various platforms. In South Africa, more than 40 operators rely on Turfsport’s platform for horse racing, lotto, and sports betting.

Andrey Starovoitov, co-CEO at SOFTSWISS, emphasizes the significance of this strategic maneuver, recognizing it as a pivotal step toward expanding their footprint in South Africa and the broader African continent. He underscores the region’s burgeoning prominence, paralleling the iGaming developments witnessed in Latin America.


What makes this partnership truly exceptional is the integration of Turfsport’s 35 years of technological advancements into SOFTSWISS’ arsenal. Starovoitov anticipates a robust product portfolio and a continued commitment to delivering top-tier solutions to their partners.

Turfsport’s Perspective: A Symbiotic Relationship

Christian Neuberger, CEO at Turfsport, sheds light on their quest for an international partner to augment their stronghold in South Africa. The partnership with SOFTSWISS promises to infuse innovation and agility into Turfsport’s offerings, ensuring their customers stay ahead in a dynamic market.

The collaboration between Turfsport’s local expertise and SOFTSWISS’ international prowess ushers in a winning combination poised to make waves in the South African and African markets. The prospects are brimming with potential, setting the stage for a transformative journey.

A Strategic Vision: Strengthening Product Portfolio

The Turfsport acquisition serves as a strategic move to bolster SOFTSWISS’ product portfolio, enabling them to cater to regional requirements more effectively. Leveraging Turfsport’s sterling reputation and visibility in the African market, SOFTSWISS aims to solidify its local presence, cementing its status as an industry leader.


The Road Ahead: Insights at ICE London 2024

As the industry anticipates the unfolding narrative of this partnership, SOFTSWISS is primed to share invaluable insights into the South African market during ICE London 2024 at Stand N8-231. Stay tuned for revelations that promise to reshape the iGaming landscape.

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