The Philippines is training its sights on the gaming sector in a renewed push to curb the transmission of illicit funds.
The Philippine Amusement and Gaming Corporation has started investigating news reports that as much as $100 million of suspicious funds were remitted to three casinos’ bank accounts, according to a statement Wednesday. The government agency expects the casinos, which it didn’t name, to submit their comments on the allegation this week.
The gaming regulator’s comments come a day after Securities and Exchange Commission Chairman Teresita Herbosa warned the country risks returning to the list of nations that aren’t doing enough to fight money laundering if laws aren’t strengthened to include sectors like casinos among institutions required to report suspicious transactions. If that happens, Philippine transactions including overseas remittances that amounted to more than $25 billion last year would be subject to increased scrutiny.