Casinos added November 4
The International Monetary Fund has commended the government of the Philippines for adding casinos to the list of entities subject to the country’s Anti-Money Laundering Act.
In a November 6 statement, the IMF said it “welcomes the recent amendment to include casinos” but added that the regulatory framework “could be strengthened further by amending the bank secrecy law and making tax evasion a predicate crime.”
The amended AML law was approved in May and took effect November 4, reported GGRAsia. It requires casinos to report to the country’s Anti-Money Laundering Council what are referred to as “covered transactions”. Gaming operators must report any cash transaction of more than PHP5 million (US$100,000) or its equivalent in any currency.
Philippine casinos must also require players to present proper identification and keep records of gaming activities for at least five years.
In a news release, the IMF said, “The outlook for the Philippine economy is favorable despite external headwinds. Real gross domestic product growth is projected at 6.6 percent in 2017 and 6.7 percent in 2018, owing to continued robust domestic demand.”
