The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.
The nation’s gambling enterprises, which are lightly controlled by state-run operator-regulator PAGCOR, are currently exempt from the guidelines of its Anti-Money Laundering Act of 2001.
Representative Ben Evardone has endorsed legislation to consist of casinos that are philippine the powers regarding the nation’s Anti-Money-Laundering Act. All that remains is always to decide on the transaction reporting limit.
But the cyber heist regarding the Federal Reserve Bank of February year that is last drew the relaxed nature of this Philippine system to the world’s attention and severely embarrassed the country, leading to urgent calls for modification not just from lawmakers inside the Philippines but also from the World 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Around $101 million was successfully withdrawn before suspicions were raised.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 of this sum ended up being quickly traced to Sri Lanka and recovered. The rest free pokies online no download ended up being transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, in to the Philippine casino industry.
Time for Change
Representative Ben Evardone, president for the commit Continue reading