Philippine Congress Introduces Tighter Casino Anti-Money Laundering Regulations

Philippine lawmakers voted previous 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 gambling that is online in addition to gambling services supplied on board of luxury cruise ships.

Both chambers associated with real money casino app download Philippine Congress passed separate, but similar inside their nature, bills that necessitate an expansion and improvement associated with the country’s current regulatory framework for the prevention of cash laundering and associated illicit financial flows.

The amendments to the existing guidelines have been urged by the Asia/Pacific Group on cash Laundering, an autonomous organization that is international includes significantly more than 40 countries through the region. The human body had provided the government that is philippine until June 2017 to implement anti-money laundering reforms that mobile casino app with real money, among other areas, would also apply to gambling operations, specifically to transactions associated with gambling.

The Philippines and its cash laundering regulations showed up in the radar screen year that is last regards to the Bangladesh Bank heist. More than $81 million were taken from the main best online casino app that pays real money bank of Bangladesh and were presumably laundered in Philippine gambling enterprises.

The rather lax casino money laundering regulations hampered research making it quite difficult for authorities and police to trace the Bangladesh money to see whom the perpetrators were. Read More >