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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 ahead with plans to tighten anti-money laundering (AML) controls in its casino sector.

The country’s casinos, that are lightly regulated 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 for the country’s Anti-Money-Laundering Act. All that remains is to determine the transaction threshold that is reporting.

But the cyber heist regarding the Federal Reserve Bank of February last year, drew the relaxed nature regarding the Philippine system to your world’s attention and severely embarrassed the country, leading to urgent calls for modification not merely from lawmakers inside the Philippines but also from the entire 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 federal 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Around $101 million was successfully withdrawn before suspicions were raised.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 rest ended up being transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, to the casino industry that is philippine.

Time for Change

Representative Ben Evardone, chairman associated with the committee on banking in Continua a leggere