Philippines-licensed online gambling sites would have to adhere to proposed anti-money laundering legislations proposed in the country’s government.
Philippines Rep. Feliciano Belmonte Jr. has included online gambling sites in the list of gaming operators that must report all suspicious and covered transactions to the Anti-Money Laundering Council, regardless of the amount of the transaction, according to the Manila Times.
The new rule would also apply to all Philippine-based online operators, whether they are licensed under the Cagayan Economic Zone Authority or the state-owned Philippine Amusement and Gaming Corporation.
The bill defines money laundering as “a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.”
The bill would also grants the Anti-Money Laundering Council the power to conduct on-site inspections of gambling operators’ records and documents, including individual accounts deemed related to any unlawful activity, the report said.
