The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.
The nation’s casinos, which are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the guidelines of its Anti-Money Laundering Act of 2001.
Representative Ben Evardone has endorsed legislation to include casinos that are philippine the powers of this country’s Anti-Money-Laundering Act. All that remains is always to choose the transaction threshold that is reporting.
But the cyber heist in the Federal Reserve Bank of February year that is last drew the relaxed nature for the Philippine system towards the world’s attention and severely embarrassed the country, leading to urgent calls for change not merely from lawmakers inside the Philippines but in addition from the entire 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Around $101 million was successfully withdrawn before suspicions were raised. Some $20 million of this sum ended up being quickly traced to Sri Lanka and recovered. The others was transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, in to the Philippine casino industry.
Time for Change
Representative Ben Evardone, president associated with the committee on Read more