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