The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.
The country’s gambling enterprises, that are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the guidelines of its Anti-Money Laundering Act of 2001.
Representative Ben Evardone has endorsed legislation to add casinos that are philippine the powers for the nation’s Anti-Money-Laundering Act. All that remains is always to choose the transaction threshold that is reporting.
But the cyber heist in the Federal Reserve Bank of February this past year, drew the relaxed nature for the Philippine system to the world’s attention and severely embarrassed the country, leading to urgent demands change not merely from lawmakers inside the Philippines but also from the entire world Bank.
On February fifth, hackers flooded the Fed Bank with demands for transfers totaling very nearly $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh.
Around $101 million ended up being successfully withdrawn before suspicions were raised. Some $20 million of this sum was quickly traced to Sri Lanka and recovered. The others was transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, to the casino industry that is philippine.
Time for Change
Representative Ben Evardone, president regarding the committee on ban Continue reading Philippines to Plug Money Laundering Holes in Casino Sector