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Casinos not to be utilized for money-laundering | 9th July 2012 : WorldCasinoYellowPages

Casinos not to be utilized for money-laundering

... 09 July 2012

MANILA, Philippines – Sen. Franklin Drilon, in a television interview said that the latest changes in the countrys Anti-Money Laundering Act would go a long way for solution of new issues and also prevent the use of countrys banking system for criminal gains. The new laws were competent enough for convincing the Paris-based Financial Action Task Force for Philippines to be kept out of its blacklist, creating a problem for the overseas Filipinos to send money to the country. The law also ensured that casinos are not utilized as a means of money-laundering activities from criminal acts. Drilon commented that presently, insurance companies, banking system and the companies under the registration of Securities & Exchange Commission are covered, but not the casinos that skipped the process. The proposal for inclusion of casinos was presented by the Anti-Money Laundering Council. Now focus is set on the casinos that must not be used as tools for washing the finances as they are convenient means of money-laundering activities.

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