Philippine Congress Introduces Tighter Casino Anti-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 as well as gambling solutions provided on board of cruise lines.
Both chambers of the Philippine Congress passed split, but similar in their nature, bills that necessitate an expansion and improvement of this country’s current regulatory framework for the avoidance make real money casino app of money laundering and relevant illicit financial flows.
The amendments to your existing laws and regulations was urged by the Asia/Pacific Group on cash Laundering, an autonomous worldwide organization that includes more than 40 nations from the region. The human body had given the government that is philippine until June 2017 to implement anti-money laundering reforms that, among the areas, would additionally affect gambling operations, particularly to transactions pertaining to gambling.
The Philippines and its own cash laundering legislation showed up in the radar screen year that is last relation to the Bangladesh Bank heist casino app win real money 80 free spins. Significantly more than $81 million had been stolen through the bank that is central of and were presumably laundered in Philippine casinos.
The casino that is rather lax laundering regulations hampered investigation and made it quite difficult for authorities and authorities to trace the Bangladesh money and casino app real money discover whom the perpetrators had been.