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Around $101 million was successfully withdrawn before suspicions were raised.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…)