Miriam warns PH risks becoming world’s money-laundering capital

THE COUNTRY risks becoming the money-laundering capital of the world unless casinos are included in the coverage of the Anti-Money Laundering Act (Amla), according to Sen. Miriam Defensor-Santiago.

The senator Wednesday said that if elected President in May, she would urgently ask Congress to expand the coverage of the Amla to include casinos in order to prevent a repeat of the recently discovered money-laundering scheme involving $81 million.

She said the fiasco involving funds from the Bangladesh central bank highlighted the urgent need to require casinos to report questionable deals to the Anti-Money Laundering Council (AMLC).

The Senate blue ribbon committee is investigating how Bangladesh Bank funds hacked from its US accounts managed to enter the Philippine financial system unchecked. The funds were reportedly transferred to Rizal Commercial Banking Corp. and then to a high-roller in a casino.

Santiago recalled that a proposal was taken up in Congress in 2012 to require casinos to report to the AMLC, but state-run Philippine Amusement and Gaming Corp. (Pagcor) shot this down saying the provision might drive away investors.

“The Filipinos should elect a President who will not bow to the whims of big business, to the detriment of public interest,” she said.