Philippine Congress Introduces Tighter Casino Anti-Money Laundering Regulations

Philippine lawmakers voted earlier in favor of proposed amendments to the country’s anti-money laundering regulations today. The amended law will now cover the Philippines’ profitable gambling industry, including land-based and online gambling operations in addition to gambling solutions supplied on board of luxury cruise ships.

Both chambers of the Philippine Congress passed separate, but similar in their nature, bills that necessitate an expansion and improvement of the country’s present regulatory framework for the make real money casino app avoidance of cash laundering and relevant illicit financial flows.

The amendments to your existing laws and regulations was urged by the Asia/Pacific Group on Money Laundering, an autonomous organization that is international includes a lot more than 40 countries through the region. Your body had given the Philippine federal government up until June 2017 to implement anti-money laundering reforms that, among the areas, would also apply to gambling operations casino app real money, particularly to deals associated with gambling.

The Philippines and its particular cash laundering guidelines showed up in the radar screen year that is last regards to the Bangladesh Bank heist. A lot more than $81 million were stolen from the bank that is central of and had been allegedly laundered in Philippine casinos.

The rather lax casino money laundering laws hampered research making it quite difficult best real money casino app for android for authorities and authorities to trace the Bangladesh money to see who the perpetrators had been. Continue reading →