The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.
The country’s casinos, which are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the rules of its Anti-Money Laundering Act of 2001.
Representative Ben Evardone has endorsed legislation to add Philippine casinos under the powers for the nation’s Anti-Money-Laundering Act. All that remains is always to determine the transaction threshold that is reporting.
But the cyber heist on the Federal Reserve Bank of February a year ago, drew the relaxed nature of this Philippine system towards the world’s attention and severely embarrassed the country, leading to urgent demands modification not only from lawmakers inside the Philippines but in addition from the planet Bank.
On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.
Around $101 million was successfully withdrawn before suspicions were raised. Some $20 million with this sum was quickly traced to Sri Lanka and recovered. The remainder had been transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, to the Philippine casino industry.
Time for Change
Representative Ben Evardone, chairman associated with committee on banks and intermediaries Continua a leggere