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Around $101 million had been successfully withdrawn before suspicions were raised.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”