Philippine Congress Introduces Tighter Casino Anti-Money gsn casino app real money Laundering Regulations

Philippine lawmakers voted earlier in favor of proposed amendments to the country’s anti-money laundering regulations today. The amended law will now protect the Philippines’ lucrative gambling industry, including land-based and gambling that is online along with gambling services supplied on board of cruise ships.

Both chambers of this Philippine Congress passed separate, but similar within their nature, bills that call for an expansion and enhancement associated with country’s current regulatory framework for the avoidance of cash laundering and associated illicit financial flows.

The amendments to your current laws and regulations was indeed urged by the Asia/Pacific Group on Money Laundering, an autonomous international organization that includes significantly more than 40 nations from the area. The body had offered the Philippine government up until June 2017 to implement anti-money laundering mobile casino app for real money reforms that, among areas, would additionally affect gambling operations, particularly to transactions associated with gambling.

The Philippines and its particular money laundering rules appeared regarding the radar screen last year in regards to the Bangladesh Bank heist. A lot more than $81 million had been stolen through the bank that is central of and were allegedly laundered in Philippine casinos.

The rather lax casino money laundering regulations hampered research and made it very difficult for authorities and authorities to trace the Bangladesh money and discover whom the perpetrators had been. Continue reading →