New reporting standards
The Philippine government has added casinos to the list of entities covered by the country’s anti-money laundering laws. Calls for the change heightened after the February 2016 theft of $81 million from a Bangladesh bank—money that was drawn from an account at the New York Federal Reserve and then funneled through Philippine casinos.
Under the amended law, casinos are required to report to the country’s Anti-Money Laundering Council any transaction of more than 5 million pesos (US$98,000) that occurs within 24 hours, reported ABS-CBN News. The new law, signed last week by President Rodrigo Duterte, also authorizes the Court of Appeals to issue a 20-day freeze on any monetary instrument or property linked to unlawful activities.
According to the Star newspaper, such funds can be frozen for up to six months, and funds proven to be related to crime will be forfeited to the state.
Bangladesh has reportedly retrieved around $15 million of the stolen money.
