Philippines expands money laundering laws to include gambling
"We should move to be more transparent by amending the law to protect our casinos from money laundering by crime syndicates," said Josephine Sato, one of the amended bill authors in the lower house.
The approved measure requires any casino transactions worth 5 million pesos ($100,500) to be reported to an anti-money laundering agency, including accumulated bets, Sato added.
Amending the law had been an uphill battle because of fierce lobbying by the gaming industry, according to lawmakers.
The Philippines has emerged as an Asian gambling hub and its casinos last year raked in 149 billion pesos in gross gaming revenue, data from the gaming regulator showed. Japanese gaming magnate Kazuo Okada is set to launch a $2.4 billion casino in Manila in July.
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