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MANILA — The inclusion of casinos in the coverage of the anti-money laundering law will help strengthen the fight against illicit cash inflows, according to Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla Jr..
The central bank chief declared this Wednesday, over a year after money stolen by cybercriminals from Bangladesh’s central bank entered the domestic financial system.
“This is a very welcome development. It plugs a critical gap in our legal framework. It will significantly strengthen our ability to prevent the entry of illicit money into our economy,” Espenilla, also the chair of the Anti-Money Laundering Council (AMLC), told reporters after Malacañang announced that President Duterte had signed Republic Act (RA) No. 10927 into law.
RA 10927 amended RA 9160 or the Anti-Money Laundering Act of 2001 by, among others, including casinos, including internet- as well as ship-based operations, among the covered persons of the law.
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Given the additional mandate, Espenilla said the AMLC Secretariat, as of Wednesday, was “already in the process of building up its manpower complement in line with the expanded scope.”
To immediately implement RA 10927, the drafting of its implementing rules and regulations “will be fast-tracked” such that the guidelines “should be in place by yearend at the latest,” Espenilla said.
