The Philippines will no longer sweep dirty cash from casinos under the carpet after President Rodrigo Duterte signed the country’s newly improved Anti-Money Launder Law.
According to The Philippine Daily Inquirer report, President Duterte signed Republic Act 10927 on Wednesday in a bid to beef its security against illicit cash inflows.
With the new law, transactions worth PHP5 million (US$100,000) will be reported to the Anti-Money Laundering Council. The law now extends its reach to casinos including internet- as well as ship-based operations.
The non-gaming ‘covered persons’ had their threshold set at just PHP500,000 (US$10,000).