Pagcor to monitor suspicious transactions

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MANILA, Philippines—The Philippine Amusement and Gaming Corp (Pagcor) will come out with a set of  rules  to monitor   suspicious transactions even  after casinos  have been excluded from the coverage  of the   recently amended Anti-Money Laundering  Act  (AMLA).

Pagcor  vice president  for gaming and licensing development Francis Hernando  said   the state-gaming  firm has  started  drafting  the rules that could be implemented starting September  this year.

“There will be a set of rules.  We’re actually developing a set of rules in time for the opening of Solaire,” Hernando told Senate reporters, referring to  Bloomberry’s Solaire Manila Resorts and Casio, one of four  license  holders of Pagcor’s Entertainment City  project.

“Our casino regulations and part of those casino regulations will touch on monitoring transactions  that may be deemed to be say suspicious under the AMLA,’  he said.

A proposal requiring    casinos to report suspicious  transactions was  rejected  by   Congress when it approved early this  month a bill  that seeks to strengthen the  AMLA.

Despite this, Hernando said Pagcor would police its own to strengthen its regulatory  power and  be at par with  international standards.

“I think if we want to be international class and recognized worldwide, we have to police ourselves properly,”  he said.

“We’d like to hopefully be recognized as a serious jurisdiction internationally. The way Macau and Singapore and Las Vegas, New Jersey, Australia do it, there is a formal set of rules that is applied to everybody for a level playing field,” said Hernando.

“The rules are predictable, there are set sanctions for certain infractions and we’ve all put this and codified these into a manual. And that manual that’s under development. The first draft has already been approved by our board and we’re hoping that the formal form will be finished by September,” Hernando added.

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  • Guest

    01. Pagcor Chief Bong Naguiat specifically requested the House of Congress and the Senate to exempt casinos and online gambling from the amended AMLA. Now they’re offering to monitor suspicious transactions, as an afterthought. The big gaping loophole in the amended AMLA defeats the very purpose of the amendment.

    02. Will Financial Action Task Force (FATF) accept the excuse of PH that casinos will conduct their own internal monitoring anyway? Tell that to FATF.

    03. How will Pagcor’s internal monitoring be audited? Who is auditing it? Will Paquito Ochoa be monitored and audited if they see him playing in a casino?

    04. How will auditing of online gambling be conducted? Are the technical capabilities in place?

    05. It’s easy for a corrupt politician to launder money by just going to casinos. Which is why we sometimes see more locals going to casinos than foreigners.

    06. If PNoy is true to his Daang Matuwid, why did he allow Bong Naguiat to make the special request to exempt casinos and online gambling from AMLA? Why did he sign the amended AMLA knowing that a big loophole still exists? Is this because Okada’s $30 million lobby fund is finally working its magic in the senate, in congress and the executive (and other lobby funds from other casino operators)?

    ________________________________________________

    References:

    01. Pagcor Chair Bong Naguiat requests Guingona to exempt Casinos & online gambling.==> rappler,com/nation/21209-ph-casinos-exempt-from-tougher-anti-money-laundering-law

    02. youtube video of Sen. Guingona & Cong. Apostol’s excuse for excusing Casinos==> youtube,com/watch?v=uQiAKSJpuFk

    03. youtube video of DZMM discussing the futility of AMLA without including Casinos==> youtube,com/watch?v=teIZLdo9HPo

    04. youtube video of Pagcor Chief Bong Naguiat misusing Pagcor cars & other resources==> youtube,com/watch?v=uQpPP_VxnrQ

  • berdengleon

    how ironic..if there are people who needs to be surveilled, it’s the pagcor chief himself?!? what a joke…

  • http://profile.yahoo.com/MJFXCRSCXRWPLL42QQKSINC3AQ Mamerto

    You mean to say that …,
    Before, PAGCOR was not monitoring suspicious transactions..?

  • boybakal

    The Philippine Amusement and Gaming Corp (Pagcor) will come out with a set of  rules  to monitor   suspicious transactions even  after casinos have been excluded from the coverage  of the  recently amended Anti-Money Laundering  Act  (AMLA)….

    Wow, tiba tiba….not included in AMLA.
    Whether you monitor or not, it does not matter. Whether anomalous or not, it does not matter, it is casino, gambling money, easy money….
    No one will run after you….

  • http://profile.yahoo.com/L2AUVC4MXZ2IIYARH3VOBUPEPA Socorro

    Naman there are a lot of rules and always there will be, but are they really implemented for all or just to some and to pin down some?

  • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

    Nakakatawa naman eto … ehhh yung mga transactions ng PAGCOR ANG MGA SUSPICIOUS … ahhh … suguro bibilangin ang mga trasactions para ma approximate kung magkano na ang kinita para walan onsehan …. hahahahaha!!!

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