The International Monetary Fund has lauded the Philippines for enacting a law that will stem the flow of illicitly obtained cash in casinos.

In a statement, the IMF commended the Philippines after President Rodrigo Duterte signed Republic Act (RA) No. 10927 in July, paving the way for the inclusion of gambling operators – land-based, online, and shipboard – as well as junket operators as ‘covered persons’ under the country’s Anti-Money Laundering Act (AMLA).

“The [IMF] welcomes the recent amendment to the AML law to include casinos,” the IMF said.

The international lender, however, pointed out that “the AML/CFT framework could be strengthened further by amending the bank secrecy law and making tax evasion a predicate crime.”