Casinos "covered persons"
Philippines to launch new anti-money laundering rules targeting casinos
Philippines President Rodrigo Duterte signed the Anti-Money Laundering Act in July.
2017-09-27
Reading time 26 seg
The Philippines casino market will witness regulatory changes when the Philippine Anti-Money Laundering Council (AMLC) releases a new anti-money laundering framework in October.
Back in July, Philippines President Rodrigo Duterte signed the Anti-Money Laundering Act under which casinos became “covered persons” with the Philippine Amusement and Gaming Corporation (Pagcor) and “other government regulatory agencies” given up to 90 days to promulgate what are called "implementing rules and regulations.”
In statements to the Manila Bulletin, AMLC executive director Attorney Mel Georgie Racela said the new framework should be issued “one week before the deadline.”
“We’re looking at between October 10 to 14 to get approval from our respective boards (AMLC),” Mr. Racela said.
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