A new draft bill will be considered in the Senate of the Philippines. According to it, all gambling houses of the country will be forced to report about all transactions whose size exceeds $3,200.
The new legislation of the Philippines amended the Anti-Money Laundering Act (AMLA) of 2001. Therefore, Panfilo Lacson has decided to offer a new bill, taking into account the situation with Bangladeshi $81 million that was stolen via local casinos and junket operators. That is why it is necessary to save the gambling industry of the country and prevent gambling-related illegal activities and money laundering.
According to the bill, gambling facilities will have to inform the authorities about transactions over $3,200. This amount is much lower compared to the United States where it is necessary to report about transactions exceeding 10,000 dollars.
It will be prohibited to obtain payments via bank transfers. It will be impossible to cash cheques for clients.
Gambling establishments will be able to delay transactions for two days in order to verify whether they are legal or not. So, it will be possible to ban any transaction that seems to be suspicious or illicit in accordance with the Anti-Money Laundering Act.
As for the penalties for breaking this law, they will reach $21,200. If the transacted amount is high, the fines will be 20% of it. It is also possible to be sentenced to six months-four years in prison for hiding data on money laundering.
The bill regulates not only casinos but also banks. They will have to inform about transactions exceeding 10,640 dollars.
The bill that is being considered in the Senate will also regulate non-gaming offers. We are talking about cybercrimes, weapons, and tax evasion.