Senator Sherwin Gatchalian has pledged to ramp up the investigation into the potential involvement of banks and other financial entities in money laundering activities connected to the illegal operations of Philippine offshore gaming operators (POGOs). This commitment was made public on January 13, 2024, following the shutdown of the largest POGO facility in Kawit, Cavite, on December 17, 2023.
Gatchalian has raised concerns about the oversight by banks, particularly in the case of former Mayor Alice Guo, who allegedly used PHP7 billion in undeclared transactions to establish a POGO hub in Bamban. He questioned the effectiveness of the Anti-Money Laundering Council (AMLC) in detecting these transactions, emphasizing the severity of money laundering as a crime.
As the chair of the Senate Committee on Ways and Means, Gatchalian plans to introduce a resolution to further investigate these issues. He believes that stricter compliance with AMLC regulations by banks could have prevented crimes such as human trafficking, kidnapping, and various scams associated with POGO hubs.
Gatchalian has been a vocal critic of POGO operations for over two years, arguing that transactions involving hundreds of millions should have been flagged by financial institutions. The AMLC is currently investigating the funding sources for the Bamban POGO hub, while separate inquiries are looking into the compliance of banks involved in POGO-related transactions.