March 21, 2016
The Paris-based Financial Action Task Force (FATF), the global watchdog against money laundering, wants casinos around the globe to set a $3,000 (P140,000) threshold for players as it continues to push for the inclusion of the casino sector in the coverage of the Philippines’ Anti-Money Laundering Law.
The Philippine Amusement and Gaming Corp. (Pagcor), the state-owned gaming regulator, said it is amenable to the inclusion of casinos in the coverage of the law.
“We are very open to be part of AMLA (Anti-Money Laundering Act of 2001). We have already told Congress that we are willing to be covered by AMLA,” Pagcor chairman Cristino Naguiat said.
In its latest Anti-Money Laundering and Counter Terrorist Financing manual, the FATF said casinos should identify and verify the identity of customers who engage in financial transactions equal to or above $3,000.
The Paris-based body will have its next assessment on the Philippines and Bangladesh to look into how the two countries have effectively implemented anti-money laundering measures, particularly in the light of the $81-million money laundering scandal.