Republic of the Philippines
MANILA BULLETIN reported last May 31, 2017 on the House of Representatives voting on third and final reading eight bills of vital importance to the country, among them House Bill 5663, which designates casinos as “covered persons” under the Anti-Money Laundering Act or AMLA. Under the bill, casino transactions that are greater than P5 million pesos may be subjected to a money laundering inquiry.
Meanwhile, the Senate approved its own measure, Senate Bill 1468, in a plenary session last May 30.
The passage of the bills come in the aftermath of the $81 million heist from Bangladesh Bank’s accounts with the Federal Reserve Bank of New York in February 2016, which eventually made its way into Philippine casinos. Only $15 million have been returned to Bangladesh, so far.
The bills are seen to preserve the integrity of the casino industry.
Read the full article below: