Philippines strengthens anti-money laundering measures

Anti-money laundering measures have taken effect in Philippines.

Philippines.- The gaming industry in Philippines will finally have to comply with new legislation related to money laundering. The Anti Money Laundering regulation have taken effect this week and will establish financial control over casino and gaming industry throughout the country.

The International Monetary Fund (IMF) has talked about the changes in the Philippines regarding the inclusion of casinos in the Anti-Money Laundering Act. The IMF executive board expressed its gratitude after a review of the country’s economy.

“[The IMF] welcomes the recent amendment… to include casinos,” said the executive board. “Notwithstanding this notable progress, the AML/CFT framework could be strengthened further by amending the bank secrecy law and making tax evasion a predicate crime,” added the document.

Back in July, Rodrigo Duterte, president of the Philippines, signed the law that places casino operations under the Anti-Money Laundering Act (AMLA), in order to end illegal financial transactions. The Republic Act 10927 amended RA 9160, also known as Anti-Money Laundering Act of 2001, to expand its coverage and include other transactions. The new regulations took effect on November 4.