Casinos now covered by anti-money laundering law

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  • Duterte has signed Republic Act 10972
  • This is an amendment to the Anti-Money Laundering Act of 2001
  • With this law, casinos are now covered by the AMLA

President Rodrigo Duterte has signed into law a measure that makes casinos covered by the Anti-Money Laundering Act (AMLA).

Republic Act 10927 or “An Act Designating Casinos as Covered Persons under Republic Act No. 9160, otherwise known as the ‘Anti-Money Laundering Act of 2001” amends the original money laundering law.

Manila Bulletin said in a story that casinos are defined by the law as an entity authorized by the government to engage in gaming operations. Both casinos operated on ships and online are covered by the new law.

Transactions amounting to P5 million or more, even in another currency, must be reported to the Anti-Money Laundering Council (AMLC).

The new law also gives the Court of Appeals the power to impose a 20-day freeze order to properties that are suspected to come from illegal dealings.

Senate proposed for the amendment of the law following the controversy in the Bangladesh Bank where $81 million was stolen and got into Philippine banks and casinos.

Given the rule excluding casinos from AMLC monitoring, it became difficult for authorities to trace the money.