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’ lucrative gambling industry, including land-based and gambling that is online along with gambling services provided on board of luxury cruise ships.
Both chambers regarding the Philippine Congress passed split, but comparable inside their nature, bills that demand an expansion and improvement of this country win real money in casino app’s current regulatory framework for the prevention of money laundering and relevant illicit financial flows.
The amendments to your existing laws had been urged by the casino app that pays real money Asia/Pacific Group on cash Laundering, an autonomous worldwide company that includes significantly more than 40 countries through the region. The body had offered the Philippine government up until June 2017 to implement anti-money laundering reforms that, among areas, would also affect gambling operations, specifically to transactions linked to gambling.
The Philippines and its own cash laundering regulations showed up on the radar display year that is last regards to the Bangladesh Bank heist. More than $81 million were stolen from the bank that is central of and were presumably laundered in Philippine casinos.
The casino that is rather lax laundering laws hampered investigation making it very difficult for authorities and police to trace the Bangladesh money and discover who the perpetrators were. Read more