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 regulated by state-run operator-regulator PAGCOR, are exempt from the guidelines of its Anti-Money Laundering Act of 2001.
Representative Ben Evardone has endorsed legislation to consist of Philippine casinos under the powers of the nation’s Anti-Money-Laundering Act. All that remains is to choose the transaction threshold that is reporting.
But the cyber heist on the Federal Reserve Bank of February last year, drew the relaxed nature of the Philippine system towards the globe’s attention and severely embarrassed the country, leading to urgent calls for modification not merely from lawmakers inside the Philippines but additionally from the World 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 used by the government of Bangladesh.
Around $101 million was successfully withdrawn before suspicions were raised. Some $20 million of the sum had been quickly traced to Sri Lanka and recovered. The others 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, chairman for the committee on banks and financial interm Sigue leyendo