Action would avoid FATF blacklisting
A Senate panel in the Philippines is looking at three separate bills that would make casinos in the country subject to anti-money laundering laws.
The panel has “agreed in principle to endorse the inclusion of casinos in the law,” Rep. Ben Evardone told the Philippine Star. Evardone is chairman of the Senate Committee on Banks and Financial Intermediaries.
“We have tasked a small group to consolidate three related bills. The only issue to be resolved has to do with the threshold amount that would trigger the filing of a suspicion transaction report with the Anti-Money Laundering Council,” he said.
One of the three bills would also include “chip-washing and junket operators,” according to GGRAsia. The bill would require casinos and junkets to report “covered” as well as suspicious transactions. A covered transaction is defined in the bill as a transaction in cash or other currency exceeding PHP500,000 (US$10,000). One of the other bills proposes to set the threshold amount at PHP5 million.
Evardone said the goal of the legislation, endorsed by the global Financial Action Task Force, is “to protect the gaming industry from illegal activities so it can grow and attract more gamers and investors” and keep the local industry off the FATF’s blacklist
