Senate OKs casino inclusion in Anti-Money Laundering Act
MANILA – The bill including casinos in the coverage of Republic Act No. 9160, or the Anti-Money Laundering Act has hurdled third and final reading at the Senate.
Aimed at increasing anti- money laundering measures and controls, Senate Bill No. (SBN) 1468, authored by Senate President Tempore Ralph Recto, was approved with 21 affirmative votes, no negative vote and no abstention.
SBN 1468 designates casino operators, including internet and ship- based casinos in the covered persons of the Anti-Money Laundering Law.
Any single casino cash transaction involving an amount in excess of P5 million or its equivalent in any other currency will now be considered as a covered transaction under the AMLC, the measure said.
“( It) also proposes for the period of effectivity of a freeze order issued by the Court of Appeals and the processes involved therein, subject of course to other remedies available under the same law,” said Sen. Francis Escudero, also sponsor of the bill.
Escudero said its passage was “necessary” to meet the June 2017 deadline imposed by the Asia/ Pacific Group on Money Laundering ( APG), an international body monitoring the implementation and enforcement of internationally accepted standards against money laundering and financing of terrorism, requiring the Philippines to strengthen its money-laundering laws.
“The failure to enact the required legislation within the given time frame would put the Philippines under monitoring of the International Corporation Review Group of the Financial Action Task Force (FATF), a global anti-money laundering and anti- terrorism watchdog which could eventually result in the blacklisting of the Philippines,” the senator said.
According to him, being blacklisted would put the country “under stringent international financial scrutiny,” which would i ncrease fees for overseas transactions, and, thus, affect global remittances from overseas Filipino workers.
“Last year, our country barely escaped the FATF blacklist after hackers broke into Bangladesh Bank’s account with the Federal Reserve Bank of New York and successfully stole US$81 million, which found their way to four fake bank accounts in a Makati branch of Rizal Commercial Banking Corp.,” Escudero said.
The monies were reportedly transferred to Philrem Services Corp. and delivered in cash tranches to casinos./