Casinos to start reporting to AMLC by Nov. 4
High-rollers are now under the radar of the regulators.
The Anti-Money Laundering Council (AMLC) has formally signed implementing rules and regulations that places casinos under its watch, as mandated by government agencies in charge of these gaming operators.
AMLC Chairman and central bank Governor Nestor Espenilla, Jr. led the signing ceremony at the Century Park Hotel together with officials from the Philippine Amusement and Gaming Corporation, (PAGCOR), Aurora Pacific Economic Zone and Freeport Authority (APECO), and the Cagayan Economic Zone Authority (CEZA).
The rules operationalize Republic Act No. 10927 signed by President Rodrigo Duterte, which mandates all casino operators, as well as internet and ship-based casinos to report transactions to the AMLC starting Nov. 4, 2017.
The law was passed a year after the $81-million Bangladesh heist, where the stolen funds were sent to Manila and played at local casinos to cleanse the money from its dirty sources.
Change has definitely come!