Philip­pines puts big casi­nos on money-laun­der­ing watch

Kuwait Times - - INTERNATIONAL -

The Philip­pines said yes­ter­day it would mon­i­tor large trans­ac­tions at casi­nos to curb money-laun­der­ing, af­ter pro­ceeds from an $81 mil­lion theft were fun­neled through sev­eral gam­bling es­tab­lish­ments last year. Pres­i­dent Ro­drigo Duterte signed a law this week adding the gam­ing sec­tor to mon­i­tored in­sti­tu­tions. Casi­nos must now re­port to the cen­tral bank’s Anti-Money Laun­der­ing Coun­cil all trans­ac­tions ex­ceed­ing five mil­lion pe­sos. The law au­tho­rizes the coun­cil to ob­tain court orders freez­ing these funds for up to six months if it is sus­pected they were “in any way re­lated to an un­law­ful ac­tiv­ity”. Funds proven in a court trial to be re­lated to crime will be for­feited to the state.—AFP

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