AMLC determined to regulate casinos under anti-money laundering law

After US$81 million of supposedly laundered funds ended up in Philippines, the Anti Money Laundering Council is convinced casinos should be covered by the anti-money laundering law.

The Philippines.- The Philippine Anti Money Laundering Council (AMLC,) is determined to include casinos operating in the Asian country in the business and facilities governed by the anti-money laundering law. The initiative has become increasingly urgent, following the US$81 million supposedly laundered through the country’s financial system and casino operators’ accounts.

A few weeks ago, US$81 million from the Bangladeshi Central bank account with the US Federal Reserve Bank of New York was transferred into the Philippines and allegedly channelled into the accounts of three casinos currently operating in the country: Solaire Resort and Casino, Midas Hotel and Casino, and City of Dreams Manila.

Insurance Commissioner and member of the AMLC, Emmanuel Dooc, who was representing the Anti-Money Laundering Council (AMLC) during the Senate Blue Ribbon committee hearing expressed: “We have yet to address non-inclusion of casinos in coverage of the anti-money laundering law. Inclusion of casinos and casino operators necessary for anti-money laundering laws. We have to put more teeth in our laws.”