PAGCOR introduces new regulatory framework for offshore gaming
Monday 07 de August 2023 / 12:00
2 minutos de lectura
(Manila).- As part of the intensified inter-agency effort to address all illegal activities being linked to offshore gaming operations in the country, the Philippine Amusement and Gaming Corporation (PAGCOR) announced that it has introduced a new regulatory framework for offshore gaming licensees.
During the Senate Committee Hearing on August 2, 2023, PAGCOR’s Assistant Vice President for Offshore Gaming Licensing Atty. Jessa Fernandez expressed that under the new framework, which has been in effect since July 2023, all licensees and service providers were declared under probationary status and were directed to re-apply until September 17, 2023.
“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,” she said.
“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,” she added.
Aside from implementing a new regulatory framework for offshore gaming, Fernandez shared that PAGCOR has been working closely with other government and law enforcement agencies for the setting up of offices inside an accredited hub.
PAGCOR likewise instituted reforms that will impose stricter sanctions on all erring licensed offshore gaming operators and accredited service providers.
Among other reforms that are now in effect are 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.”
Categoría:Legislation
Tags: Sin tags
País: United Kingdom
Región: EMEA
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