Quantcast
Latest Stories

Casinos get a pass in laundering law


AFP FILE PHOTO

MANILA, Philippines—Casinos were given a free pass as Congress Wednesday passed a tougher law against money-laundering but protected the government’s bid to chase mega-dollars in Asia’s gaming boom.

The amendments passed by the Senate and House of Representatives apply to businesses other than banks and aim to stop the funneling of proceeds from criminal activity, as well as to block terror funding.

They also raise prison terms and fines.

However, Senator Teofisto Guingona said casinos and Internet gaming were excluded at the request of the House and of the state regulator Philippine Amusement and Gaming Corp.

“(They) excluded casinos from coverage because (House members) warned it would deter investors. That’s the number one reason. And number two, Pagcor,” Guingona told reporters, referring to the regulator’s abridged name.

The Senate’s passage of the law came five weeks before the opening of Entertainment City, a $4 billion Manila casino complex aimed at rivalling Macau, Las Vegas and Singapore as a gaming hub.

The latest changes to a 2001 statute are now expected to be signed into law by President Benigno Aquino. Banks were already covered under the 2001 law.

The new law’s passage followed a threat last year to blacklist the Philippines unless it assumes greater powers to scrutinize non-bank accounts, including casinos.

The threat was made by the Financial Action Task Force, an inter-governmental body fighting money-laundering and terrorist financing.

Senate President Juan Ponce Enrile conceded the amendments fell short of full compliance.

“We have produced enough compliance with the requirements of the FATF, but we have to go slowly since some other countries have different circumstances,” Enrile told reporters, citing potential fallout on investments and tourism.

Guingona said the amendments also excluded Internet gambling as well as proceeds from tax evasion. “These are major items, so the law would still have a big loophole,” he said.

He said the FATF would meet in Paris on February 18 to review Philippine compliance with international standards.

“(We) will know whether what we have passed is enough for us to get out of the dark grey list,” he said, referring to countries whose efforts to combat money-laundering fell below international standards.

Guingona said inclusion in the FATF blacklist of deliberately non-compliant states would make it difficult for millions of Filipinos working abroad to send money home and hard for Filipinos to invest abroad.


Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: casino , Congress , gambling , Laws , Money Laundering




Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
  1. US teacher fired over comment on black president
  2. Enrile chief aide back in PH ‘to face charges’
  3. Filipinos, Dane re-enact crucifixion of Christ
  4. Magnitude-7.5 earthquake shakes Mexican capital
  5. Henares on Pacquiao bashing: I did not start this
  6. ‘No real progress in PH if dynasties not dismantled’
  7. Massive infra spending set
  8. More legal woes for Cedric Lee
  9. Easter crucifixions draw huge crowds
  10. Korea ferry captain arrested, divers spot bodies
  1. Kim Henares needs a reprimand, says Cayetano
  2. Suspect in Vhong Navarro mauling tries to leave PH
  3. More legal woes for Cedric Lee
  4. Fr. Suarez says last Mass on Easter before returning donated land to San Miguel
  5. ‘Mom, I love you,’ says text from student on sinking ferry
  6. MH370 co-pilot made mid-flight phone call – report
  7. ‘No real progress in PH if dynasties not dismantled’
  8. I’ll follow my conscience on Estrada, says JV Ejercito
  9. Massive infra spending set
  10. OFW brings MERS virus to Philippines
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Rookie, lady cops lauded for quick response to MOA heist
  4. Model Helena Belmonte wished ‘to slash her wrist and hope to die’
  5. Malaysia averts another air tragedy; pilot lands troubled plane safely
  6. Revilla says he was joking; Lacson stands by his story
  7. Revilla ‘consulted’ Lacson on how he evaded arrest
  8. Police rule out foul play in Helena Belmonte’s death as boyfriend is ‘traumatized’
  9. Cudia, dismissed for lying, got 99% in conduct
  10. Hammer-wielding robbers cause chaos at Philippines’ Mall of Asia
Advertisement

News

  • 2 killed in apparent Bahrain car bombing
  • SC suspends proctor in 2011 bar exams
  • At barricades, Ukraine insurgents await Easter
  • Solons seek ample protection for bank depositors
  • Tragedies at sea: The Sewol and the Costa Concordia
  • Sports

  • Tottenham beats Fulham 3-1 in Premier League
  • Martino defends Messi, takes blame for Barca fail
  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace
    Advertisement