Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

The Philippines is pushing ahead with plans to tighten anti-money laundering (AML) controls in its casino sector.

The nation’s gambling enterprises, that are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the rules of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to consist of Philippine casinos under the powers regarding the country’s Anti-Money-Laundering Act. All that remains is to decide on the transaction threshold that is reporting.

But the cyber heist on the Federal Reserve Bank of February this past year, drew the relaxed nature regarding the Philippine system towards the world’s attention and severely embarrassed the country, leading to urgent demands modification not only from lawmakers inside the Philippines but in addition from the World Bank.

On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.

Around $101 million had been successfully withdrawn before suspicions were raised. Some $20 million of this sum was quickly traced to Sri Lanka and recovered. The rest ended up being transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, in to the Philippine casino industry.

Time for Change

Representative Ben Evardone, chairman regarding the committ Read more “Philippines to Plug Money Laundering Holes in Casino Sector”

Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation

Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation

Kansas businessman and well-known poker player Brandon Steven is under surveillance by the US Department of Justice (DOJ), and he apparently wants the world to know about it.

Millionaire Brandon Steven is one of the best poker players who doesn’t consider it his profession, but his casino and gambling activity has now put him at the center of a DOJ probe.

Media outlets in Kansas have published a letter this week provided by Steven that clearly shows his involvement in a federal investigation. According to the document, the DOJ’s District of Kansas office revealed to the businessman that a telephone line he’s been utilizing was wire tapped for 30 days between May 14 and June 13, 2015.

Steven says the federal probe relates to his involvement with trying to build a casino in southeast Kansas, as well his routine playing of high-stakes poker. He explained to the Wichita Eagle that he’s fully cooperating and has committed no wrongdoing, nor have any charges or allegations been levied at him.

Steven is certainly no stranger to the poker circuit. He’s amassed over $3.1 million in live tournament earnings since 2006, and finished 10th at the 2010 World Series of Poker (WSOP) Main Event for a win of $635,011. His distinguished poker resume includes 14 WSOP cashes.

No Crime Committed

The DOJ letter doesn’t assert any criminal misconduct, but simply informs Steven that he’s been watched.

‘This notice Read more “Brandon Steven, 2010 WSOP Main Event Top-10 Poker Player, Subject of Federal Investigation”

William Hill’s Largest Shareholder Demands Sale of Gambling Company

William Hill’s Largest Shareholder Demands Sale of Gambling Company

William Hill is once again at the center of merger speaks, but this time around the business’s shareholder that is largest wants it to be the goal of a takeover.

William Hill is presumably back on the trading blocks after the company’s chief stakeholder reportedly called for the group to find a buyer that is potential.

Parvus resource Management, a London-based hedge fund that controls 14.3 percent of the UK bookmaking and gambling company, is reportedly pushing William Hill to simply accept a takeover that is qualified.

According to The Sunday instances, A british weekend newspaper, Parvus thinks William Hill should look to be acquired by, or merged with, another leading gambling firm that is online. Possible suitors include GVC Holdings, as well as 888 Holdings and The Rank Group, the two latter which tried to purchase William Hill summer that is last.

Both Parvus and William Hill declined to comment, but speculation is running rampant in the UK because of the hedge fund’s considerable power.

Created in 1934 by the company’s namesake, William Hill today employs some 16,000 people. The bookmaker has 2,370 physical betting shops throughout the UK, which compliments its online gaming network.

Up to Parvus

It was just last October that the investment team publicly blasted William Hill’s potential aligning with Amaya, the company that is canadian-based owners PokerStars.

Parvus said at the time, ‘We highly encour Read more “William Hill’s Largest Shareholder Demands Sale of Gambling Company”

North Korea Deals a Last Hand to Kim Jong Un’s Casino-Loving Half-Brother, Assassinated in Malaysia

North Korea Deals a Last Hand to Kim Jong Un’s Casino-Loving Half-Brother, Assassinated in Malaysia

North Korean dictator and anti-gambling hardliner Kim Jong Un’s more fun-loving half-brother Kim Jong-nam was headed to Macau, presumably for a gambling junket, when he was reportedly assassinated on Tuesday at the Kuala Lumpur International Airport in Malaysia.

North Korea’s Kim Jong Un hasn’t publicly addressed the assassination of his decade older half-brother this week in Malaysia, but all signs point to the dictator being involved in the murder. The brother, known to be a gambler, was headed to Macau when he was accosted by a woman and killed.

Though details of the murder are still developing, the latest reports claim two women approached the exiled North Korean, with one placing a cloth containing a suspected poison over his face. Jong-nam died on the way to the hospital at the age of 45.

Malaysian police say they’ve arrested one of the women, and note she’s a 28-year-old holding a Vietnamese passport.

Heir Abhorrent

The oldest son of Kim Jong-iI, the notorious supreme leader of the Democratic People’s Republic of Korea (DPRK), Jong-nam was well-known for leaning towards much-frowned-upon Western frivolities like casinos. None of that flew well with his famously harsh and merciless sibling-in-command.

North Korea has strict laws against gambling, as it does regarding any practice that might lead to a bit of fun or enjoyment for its citizens. There are, however, two casinos i Read more “North Korea Deals a Last Hand to Kim Jong Un’s Casino-Loving Half-Brother, Assassinated in Malaysia”