CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

Philippines puts big casinos on money-laundering watch

Philippines puts big casinos on money-laundering watch

By AFP

The Philippines said Wednesday it would monitor large transactions at casinos to curb money-laundering, after proceeds from an $81 million theft were funnelled through several gambling establishments last year.

President Rodrigo Duterte signed a law this week adding the gaming sector to monitored institutions.

Casinos must now report to the central bank's Anti-Money Laundering Council all transactions exceeding five million pesos (around $99,000).

The law authorises the council to obtain court orders freezing these funds for up to six months if it is suspected they were "in any way related to an unlawful activity".

Funds proven in a court trial to be related to crime will be forfeited to the state.

The Philippines passed its first anti-money laundering law in 2001 to avoid being blacklisted by the Financial Action Task Force, a group of countries dedicated to keeping the international financial system off-limits to criminals.

The task force had since been calling on Manila to expand the institutions required to report suspicious transactions, in line with other task force members.

The original law only covered banks, trust entities, insurance companies, investment houses, securities dealers, moneychangers and money remittance firms.

Hackers stole $81 million from a US account of the Bangladesh central bank last year.

Most of the funds disappeared after being funnelled in February 2016 through a Philippine bank and several casinos

The Philippines has in recent years emerged as a gaming hub aiming to rival Las Vegas and Macau, with 2015 gross gaming revenues of about 133.3 billion pesos according to latest regulatory figures available.

Over the past four years three huge casinos costing at least a billion dollars each have risen on government-owned reclaimed land on Manila Bay called Entertainment City, with a fourth scheduled to open in 2019.

http://www.dailymail.co.uk/wir...


MORE NEWS

Pension fund freezes investment in Danske Bank over money laundering scandal

Pension fund freezes investment in Danske Bank over money laundering scandal
COPENHAGEN (Reuters) - A large Danish pension fund said on Friday it has temporarily frozen investments in Danske Bank (DANSKE.CO), piling ...

Nevis: how the world’s most secretive offshore haven refuses to clean up

Nevis: how the world’s most secretive offshore haven refuses to clean up
The years since 2008 have seen a global crackdown on offshore finance. Yet a few places have doubled down on offering secrecy to the ...

How the Big Four are embedded in EU policy-making on tax avoidance

How the Big Four are embedded in EU policy-making on tax avoidance
We pay our taxes, so why don’t corporations? This new report shows how the Big Four are embedded in EU policy-making on tax avoidance, and ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA