Nov 07, 2017 Newsdesk Latest News, Philippines, Top of the deck  
The International Monetary Fund (IMF) has commended the Philippines for legal changes that brought the nation’s casinos within the scope of the country’s Anti-Money Laundering Act.
“[The IMF] welcomes the recent amendment… to include casinos” under the act, the IMF executive board said in a press release issued on Monday, following a regular review of the country’s economy.
“Notwithstanding this notable progress, the AML/CFT framework could be strengthened further by amending the bank secrecy law and making tax evasion a predicate crime,” the document added, referring to protocols on anti-money laundering and countering the financing of terrorism.
The amended AML law – as approved in May by the country’s Congress – came into effect in August. It requires casinos to report to the country’s Anti-Money Laundering Council what are referred to as “covered transactions”. Gaming operators must report any single casino cash transaction that involves an amount of more than PHP5 million (US$100,000) or its equivalent in any other currency.
The Anti-Money Laundering Council, together with national casino regulator Philippine Amusement and Gaming Corp and two regional casino regulators for special economic zones in the Philippines – Aurora Pacific Economic Zone and Freeport Authority and Cagayan Economic Zone Authority – agreed on October 25 to the specific regulations under which the gaming sector is to be covered by the country’s Anti-Money Laundering Act. The regulations took effect from November 4.
As part of the new regulatory framework, Philippine casinos are required to make all players present an identity document and must also keep records of such customers’ gambling activity for at least five years.
In its Monday release, the IMF also commented on the Philippines’ overall economic performance. “The outlook for the Philippine economy is favourable despite external headwinds,” it said.
“Real gross domestic product growth is projected at 6.6 percent in 2017 and 6.7 percent in 2018, owing to continued robust domestic demand,” the IMF added.
May 30, 2023
May 24, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31