Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.

The nation’s casinos, which are lightly managed by state-run operator-regulator PAGCOR, are exempt from the rules of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to consist of casinos that are philippine the powers of the nation’s Anti-Money-Laundering Act. All that remains is always to determine the transaction threshold that is reporting.

But the cyber heist regarding the Federal Reserve Bank of February last year, drew the relaxed nature for the Philippine system to the world’s attention and severely embarrassed the country, leading to urgent demands modification not merely from lawmakers inside the Philippines but also from the entire world Bank.

On February 5th, hackers flooded the Fed Bank with requests for transfers totaling nearly $1 billion from an account owned by the Bangladesh Bank and used by the federal government of Bangladesh.

Around $101 million ended up being successfully withdrawn before suspicions were raised. Some $20 million of the sum had been quickly traced to Sri Lanka and recovered. The rest had been transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, to the casino industry that is philippine.

Time for Change

Representative Ben Evardone, president associated with the committee Read more

As Rome Burns, Putin OKs Crimea Gambling Zone

As Rome Burns, Putin OKs Crimea Gambling Zone

Russian president Vladimir Putin, facing economic sanctions, signs in a law that will produce a ‘gambling zone’ in annexed Crimea. But could his timing be any worse?

The old story about Roman emperor Nero fiddling while his city burned to the ground possesses mythic quality that could be applied to Vladimir Putin these days. Facing a worldwide scandal after Russia’s seeming involvement in shooting a Malaysia Air passenger jet out of the sky, the Russian president has chosen now to ok a new gambling zone in Crimea; a small region just to the south of Ukraine, in which the horrific incident took destination the other day.

Of course, unlike Nero, Putin remains firmly accountable for all things Russian, and it has borne the brunt of surprisingly little outrage that is international the incident that was allegedly carried out under their army’s auspices.

Putin signed into impact a legislation this week that may transform the territory that is annexed of into a gambling zone for Russian holidaymakers. Into the light of recent events in Eastern Ukraine, Putin, faced with all the prospect of increased US/EU sanctions, could perhaps have opted for a more apposite moment to make this specific announcement, but he’s nothing if not bull-headed, and it’s really clear he is determined to produce the area economically self-sufficient.

Russia took over the territory that is largely russian-speaking the Ukraine in March, adhering to a referendu Read more