The tourism and gambling paradise has loopholes in its gambling legislation which leads to dubious financial activities.
Philippines.- Casino regulation in Philippines can be soon modified after several presumptions of illegal financial operations hidden behind casino services. VIP sectors in most famous casinos and the exemption from the new anti-money-laundering legislation are the two worrying factors in the Asian country.
Regional and international investigators are keeping an eye on VIP rooms inside most luxury casinos, which are full of gambling tourist invited by major junket operators from China, specifically, Macau. With previous experience in one of the biggest casino hubs globally, operators are boosting the millionaire betting service in the Philippines.
“We have to put more teeth in our laws so we could stop criminal elements from exploiting the deficiencies in our existing laws. There are gaping holes in our law. We have to include casino as covered entities under the anti-money-laundering law,” explained Emmanuel Dooc, a member of the Philippines’ Anti-Money Laundering Council, about the VIP services.
Furthermore, the main concern in the Philippines is the exemption that casinos enjoy from the new anti-money-laundering regulations when they were introduced in 2013. The Philippine Amusement and Gaming Corporation, industry regulator and a casino operator, achieved a great goal freeing casino businesses from the surveillance of national authorities as to their financial transactions. Under the expectations of the international gaming industry, Philippines will soon face amendments in its gaming laws to reinforce the trust in its casinos. Otherwise, the country is in danger of becoming a centre of criminal activities.