PRESSURES BUILDING UP ON THE PHILIPPINES OVER HANDS-OFF APPROACH TO CASINO MONEY LAUNDERING
August 1st, 2016
The Philippines has been standing accused of passively aiding money launderers and terrorist financers ever since its Anti-Money Laundering Act in 2001 exempted local casinos from the duty of submitting suspicious transaction reports on their operations.. But pressures to revise that decision have been growing markedly since earlier this year Chinese cyber hackers managed to launder USD81 million through banks and casinos in Manila, with only approximately USD6 million of the booty recovered so far. Before the money finally made its way into at least two Manila ...
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