Duterte enacts bill placing casinos under Anti-Money Laundering Act coverage

President Rodrigo Duterte has signed into law an amendatory bill to put casinos under the coverage of the Anti-Money Laundering Act (AMLA).

Duterte signed Republic Act No. 10927 or “An Act Designating Casinos as Covered Persons under Republic Act No. 9160, otherwise known as the ‘Anti-Money Laundering Act of 2001,’ as amended” on July 14.

Pres. Duterte has signed RA 109271 into law to place casinos including internet, ship-based casinos under Anti-Money Laundering Act @gmanews pic.twitter.com/U588okoRdv

— Trisha Macas (@trishamacas) July 19, 2017

Casinos including internet- and ship-based casinos will now be covered by the AMLA.

The new law states that a single casino cash transaction amounting to P5 million or its equivalent in any other currency is now considered a covered transaction, and should be reported to the Anti-Money Laundering Council.

It also said that the Court of Appeals can issue a 20-day freeze order on any monetary instrument or property linked to unlawful activities, as defined by RA No. 9160.

http://www.bsp.gov.ph/regulations/laws_aml.asp  

The law shall take effect 15 days following its publication in the Official Gazette or in any newspaper of general circulation. — MDM, GMA News