The average total of Macau casinos is about $62,600, and the U.S. State Department has been continuously pressing Macau to reduce its limits and report transactions above $3,000 according to international standards. The casino industry in the Philippines benefited from the decline of the Macau casino industry, but the growth led to an increase in money laundering activity.
Earlier this year, a Bangladeshi bank reported an online theft of $81 million, and an investigation found that $63 million was transferred to the Philippines and a significant amount of cash was diverted to Midas Hotel and Casino in Manila, Soler Resort and Casino in Entertainment City. The money was laundered at the casino in exchange for game chips.
The Philippine House of Representatives previously proposed a bill to include all casinos in the Anti-Money Laundering Act (AMLA). This was supported by the Senate after Senator Panfilo Larson introduced Senate Bill 45 to the Senate. Larson, a former director of the Philippine National Police Agency, wants to include art dealers, real estate agents and casinos under the new AML statue.
The new legislation would push casinos to be diligent in identifying customers and have the power to temporarily withhold or reject further deals if there are reasonable reasons to believe that transactions deemed suspicious violate AMLA. Lacson acknowledged that while the casino industry is making a significant contribution to the country, it is important to realize that casinos are now a target for money launderers.카지노사이트
Senate Bill 45 continues to state that “the receipt of cash for remittance by wire or wire transfer on behalf of the customer, cash payment of funds received by wire or wire transfer, monetization of checks or other negotiable commodities, and receipt of money whose purpose of ownership cannot be verified within a period of seven days unless AMLC stipulates another period from the date of receipt.”