Philippines Congress announces new law

Philippines Congress has signed a new anti-money laundering law that includes casinos.

Philippines.- The government of the Philippines has reinforced the national legislation against money-laundering operations. The latest measures comply with the international framework to control millionaire financial transactions and it will now cover gaming and casino activities in the local market. The law would become effective next month when President Rodrigo Duterte signs it.

The Philippine House of Representatives and Congress agreed yesterday on two new regulations, which include the gaming and casino industries among the controlled sectors to prevent money-laundering. The decision was made after an investigation revealed that US$81 million that have been stolen from Bangladesh were seemingly absorbed by Philippines casinos.

“We should move to be more transparent by amending the law to protect our casinos from money laundering by crime syndicates,” stated Josephine Sato, sponsor of the legislations, to the ABS-CBN newspaper. The new amendments expands the current anti-money laundering laws to casino and gaming industries.

Land-based casinos and iGaming operators will have to register in a national anti-money laundering agency every transaction that surpass US$100,500, as the newspaper explained. Senator Francis Escudero, the main sponsor of the amendments said it aims at preventing Philippines to be “used as a money laundering site for the proceeds of any unlawful activity.”

The measures were required by the Asia Pacific Group on Money Laundering, which set a deadline in June.

In this article:
casinos gaming money laundering Philippines