Duterte puts casinos under money laundering monitoring

Single casino cash transactions of more than P5 million are now ‘covered transactions’ under the Anti-Money Laundering Act or AMLA. INQUIRER.net STOCK PHOTO

President Rodrigo Duterte has signed into law Republic Act 10927, which places casino operations under the Anti-Money Laundering Act (AMLA) in a bid to curb illegal financial transactions.

RA 10927 amends RA 9160 also known as Anti-Money Laundering Act of 2001.

With the new law, casinos — including internet and ship-based operations — are now “covered” by the AMLA.

It states that a single casino cash transaction of more than P5 million, or its equivalent in other currencies, is now a “covered transaction.” Such a transaction must be reported to the Anti-Money Laundering Council (AMLC).

Under RA 10927, the Court of Appeals can issue a 20-day freeze order on any monetary instrument or property suspected to be related to unlawful activity. CBB