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Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

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

The country’s gambling enterprises, which are lightly controlled by state-run operator-regulator PAGCOR, are exempt from the rules of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to add casinos that are philippine the powers of the country’s Anti-Money-Laundering Act. All that remains is always to choose the transaction reporting threshold.

But the cyber heist regarding the Federal Reserve Bank of February year that is last drew the relaxed nature of this Philippine system towards the globe’s attention and severely embarrassed the country, leading to urgent demands change not merely from lawmakers inside the Philippines but in addition from the planet Bank.

On February 5th, hackers flooded the Fed Bank with needs for transfers totaling nearly $1 billion from an account owned by the Bangladesh Bank and utilized by the us government of Bangladesh.

Around $101 million was successfully withdrawn before suspicions were raised. Some $20 million with 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, into the casino industry that is philippine.

Time for Change

Representative Ben Evardone, president for the committee on banking in (more…)

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Sports Betting Legalization as Polarizing as National Politics, New Poll Finds

Sports Betting Legalization as Polarizing as National Politics, New Poll Finds

Sports betting legalization is on the minds of many state politicians across the country, and gaming companies are licking their chops at the potential prospect of taking bets on pro and college sports.

America is split on Donald Trump’s presidency, and the public also can’t seem to make up its mind when it comes to sports betting legalization.

But the topic of ending sports gambling prohibition in the United States and repealing the Professional and Amateur Sports Protection Act (PASPA) is about as polarizing of an endeavor as picking between Donald Trump and Hillary Clinton for president.

According to a new poll conducted by Seton Hall University’s Sharkey Institute, 46 percent of Americans support legalization, while 42 percent said it would be a bad idea. Thirteen percent of respondents said they weren’t sure where they stood.

Passed in 1992, PASPA bars states from allowing sports betting markets to operate. Nevada, Montana, Delaware, and Oregon were granted exemptions from the federal statute due to already having some sort of sports gambling when the legislation was passed, but today only the Silver State takes full advantage of its immunity.

Polling Positives

Though the sports betting legalization research shows that Americans today are divided, the consensus should tilt in favor of ending the ban in the coming decades. That’s because Seton Hall found that 67 percent of those aged 18 to 29, and (more…)

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William Hill’s Largest Shareholder Demands Purchase of Gambling Company

William Hill’s Largest Shareholder Demands Purchase of Gambling Company

William Hill is once again at the center of merger talks, but this time the business’s shareholder that is largest wants it become the mark of a takeover.

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

Parvus Asset Management, a London-based hedge fund that controls 14.3 per cent regarding the UK bookmaking and gambling business, is reportedly pushing William Hill to just accept a takeover that is qualified.

According to The Sunday Times, A british weekend newspaper, Parvus thinks William Hill should turn to be acquired by, or merged with, another leading online gambling firm. Potential 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 conjecture is running rampant in the UK because of the hedge investment’s considerable power.

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

Up to Parvus

It had been only last October that the investment group publicly blasted William Hill’s potential aligning with Amaya, the company that is canadian-based owners PokerStars.

Parvus stated at the time, ‘We stron (more…)

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Third Connecticut Casino Announcement Has All Ears Piqued in Northeast

Third Connecticut Casino Announcement Has All Ears Piqued in Northeast

A planned Connecticut casino will reveal its targeted location for construction in the coming days, and the impending announcement has the ears of all vested gaming interests operating in the northeast.

MGM Springfield in Massachusetts is causing quite a stir, as another Connecticut casino is in the works to offset the impact of the megaresort.

The Mashantucket Pequot and Mohegan Native American tribes are working together to bring the Constitution State a third casino venue. The joint venture is in response to MGM Springfield, the $950 million resort currently under construction in southern Massachusetts.

State lawmakers permitted the two tribal groups to build a third casino off their sovereign lands in order to keep gambling revenue in the state and protect jobs.

The Mashantucket and Mohegan people are considering building in the northern part of the state in the towns of Windsor Locks or East Windsor. That would place the Connecticut casino just 15 miles from MGM Springfield.

With MGM, state lawmakers, and residents anxiously waiting, the tribes say the official announcement of the casino will be revealed in the coming days. ‘We’re days, not weeks or months . . . from announcing a decision,’ Mohegan Chairman Kevin Brown said free online pokies no download this week.

MGM States the Obvious

Once the Native American coalition pinpoints its gaming location, the state legislature will need to sign off on the construction. The facility is expe (more…)

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