Philippine Congress Introduces Tighter Casino Anti-Money Laundering Regulations

Philippine lawmakers voted previous today and only proposed amendments to your country’s anti-money laundering laws. The amended law will now cover the Philippines’ lucrative gambling industry, including land-based and gambling that is online along with gambling services supplied on board of luxury cruise ships.

Both chambers of the Philippine Congress passed separate, but comparable in their nature, bills that real money casino app iphone call for an expansion and improvement of the country’s current regulatory framework for the avoidance of money laundering and associated illicit financial flows.

The amendments towards the current legislation was online casino app real money indeed urged by the Asia/Pacific Group on cash Laundering, an autonomous organization that is international includes a lot more than 40 countries from the area. Your body had given the government that is philippine until June 2017 to implement anti-money laundering reforms that, among the areas, would also apply to gambling operations, especially to deals pertaining to gambling.

The Philippines and its cash laundering rules appeared in the radar screen real money casino app android year that is last reference to the Bangladesh Bank heist. More than $81 million were stolen from the bank that is central of and were presumably laundered in Philippine gambling enterprises.

The rather lax casino money laundering laws online casino app real money hampered research making it very difficult for authorities and police to locate the Bangladesh money to see who the perpetrators had been.