Lawmakers move closer to including Philippine casinos an AML laws

Lawmakers in the Philippines are a step closer to including casinos in the covering of the Anti-Money Laundering Act (AMLA).

This week, Rep. Ben Evardone, chairman of the committee on banks and financial intermediaries, confirmed that his panel has “agreed in principle to endorse the inclusion of casinos in the law,” the Philippine Star reported.

The lawmakers have formed a small group, who are given the task of consolidating three related bills—including one which proposes to set the threshold amount at PHP500,000 (USD10,000), while another proposes to fix the amount at PHP5 million (USD100,118).

“The only issue that remains to be resolved has to do with the threshold amount that would trigger the filing of a suspicion transaction report with the Anti-Money Laundering Council (AMLC),” Evardone was quoted by the news outlet saying.