{"id":7447,"date":"2024-11-07T13:22:51","date_gmt":"2024-11-07T13:22:51","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7447"},"modified":"2024-11-07T13:22:56","modified_gmt":"2024-11-07T13:22:56","slug":"philippine-market-conditions-may-offer-a-strategic-opportunity-for-the-isle-of-man","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/11\/07\/philippine-market-conditions-may-offer-a-strategic-opportunity-for-the-isle-of-man\/","title":{"rendered":"Philippine Market Conditions May Offer a \u201cStrategic Opportunity\u201d for the Isle of Man"},"content":{"rendered":"\n<p>The<strong> Isle of Man<\/strong> is reportedly examining the impact of embracing the offshore gambling sector that has been eradicated from the <strong>Philippines <\/strong>market at the hands of a tightening regulatory framework.<\/p>\n\n\n\n<p>The crown dependency is set to take a meticulous and careful approach to embracing new operators from the market, as it seeks \u2018credible operators\u2019.&nbsp;<\/p>\n\n\n\n<p>As reported by the <strong>Isle of Man Today<\/strong>, a spokesperson for <strong>Digital IoM<\/strong> stated: \u201cFollowing conversations with businesses operating within the island\u2019s digital sector, it was recognised that recent regulatory changes in the Philippines affecting Philippine Offshore Gaming Operators could present a strategic opportunity for the Isle of Man.<\/p>\n\n\n\n<p>\u201cThe blanket ban imposed by the Philippine regulator creates a significant displacement of the sector, meaning legitimate and high-performing businesses operating there are required to seek alternative regulatory markets. Consequently, the Isle of Man, known for its robust regulatory standards in this space, could provide this alternative for those businesses which would meet these high standards.\u201d<\/p>\n\n\n\n<p>The Isle of Man has previously <a href=\"https:\/\/sbceurasia.com\/en\/2024\/11\/04\/isle-of-man-gambling-regulator-denies-un-criticism\/\">defended<\/a> itself against UN criticism, saying it has a \u201czero tolerance\u201d for financial crime.<\/p>\n\n\n\n<p><strong>Mark Rutherford<\/strong>, acting chief officer of the Gambling Supervision Commission sought to make it clear that \u2018the GSC conducts its regulation in line with international standards\u2019.<\/p>\n\n\n\n<p>He added: \u201cThe <strong>GSC\u2019s<\/strong> mutual evaluation by <strong>Moneyval<\/strong> in 2016 gave the GSC a very high technical mark for its AML CFT framework and we do not agree with the UNODC report\u2019s conclusion that we have inadequate controls.<\/p>\n\n\n\n<p>\u201cThe GSC has entry controls in place for businesses seeking licences and an ongoing supervision regime.<\/p>\n\n\n\n<p>\u201cFurther, since 2016 the GSC has continued to strengthen its supervisory reach and last year created a new, dedicated division to carry out AML CFT inspections and enforcement, a division that is fully resourced with skilled and experienced staff.<\/p>\n\n\n\n<p>\u201cThe GSC has also demonstrated it will take steps under its regulatory remit where it discovers non-compliance as can be seen with recent, publicised enforcement cases.\u201d<\/p>\n\n\n\n<p>In the Philippines, <strong>President<\/strong> <strong>BongBong Marcos<\/strong> has taken decisive action to clampdown on the presence of POGOs in the country, implementing a full ban on the operators.&nbsp;<\/p>\n\n\n\n<p>Speaking at his state of the nation address, Marcos said: \u201cDisguising as legitimate entities, their operations have ventured into elicit areas beyond gaming, such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture \u2013 even murder.<\/p>\n\n\n\n<p>\u201cThe grave abuse and disrespect to our system of laws must stop. It is necessary to stop this disturbance in our society, and the desecration of our country.\u201d<\/p>\n\n\n\n<p>This marks a significant change for the country\u2019s gambling sector as it seeks to exit the <strong>FATF AML<\/strong> grey list.<\/p>\n\n\n\n<p>The evolution of the Philippines market was a major topic at the <strong>SBC Summit in Lisbon<\/strong>, with <strong>12Bet\u2019s Rory Anderson<\/strong> detailing his belief that there are important lessons to be learned from the country\u2019s experience.<\/p>\n\n\n\n<p>One is that the industry will be judged by its worst members, and it only takes a few apples to tarnish a band&#8217;s reputation.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Isle of Man is reportedly examining the impact of embracing the offshore gambling sector that has been eradicated from the Philippines market at the hands of a tightening regulatory framework. The crown dependency is set to take a meticulous and careful approach to embracing new operators from the market, as it seeks \u2018credible operators\u2019.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,1,24,564],"tags":[10372,7023,10322,1110,8623],"class_list":["post-7447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","category-news","category-regulations","category-slider","tag-bongbong-marcos","tag-isle-of-man","tag-mark-rutherford","tag-philippines","tag-pogo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Philippine Market Conditions May Offer a \u201cStrategic Opportunity\u201d for the Isle of Man - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/11\/07\/philippine-market-conditions-may-offer-a-strategic-opportunity-for-the-isle-of-man\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippine Market Conditions May Offer a \u201cStrategic Opportunity\u201d for the Isle of Man - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"The Isle of Man is reportedly examining the impact of embracing the offshore gambling sector that has been eradicated from the Philippines market at the hands of a tightening regulatory framework. 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