Philippines Anti-Money Laundering Council Flags Online Casino Money as “Suspicious”
The Philippines Anti-Money Laundering Council flags online casino money as ‘suspicious.’ It is about 14 billion pesos (US$276 million) worth of online casino transactions. The transactions from 2017 to October 2019 were related to suspicious activities.
How Does the Philippines Council Flags Online Casino Money as “Suspicious”?
The Philippines Anti-Money Laundering Council Executive Director presented a risk assessment report in a Senate hearing on Thursday (March 5). It was citing on Philippine offshore gaming operators or POGOs, which cater to mainly Chinese punters.
According to casino news, the bulk of the transactions involving amounts that supposedly weren’t equivalent to the business. And as well as the financial capacities of parties. Also, some fund movements may link to drug trafficking. Furthermore, these are connected to fraud and e-commerce law violators.
What Is the Philippines Government Next Steps?
The lawmakers at the Senate of the Philippines are investigating the reports. These are crimes ranging from prostitution to cash smuggling. Also, it includes money laundering involving Chinese nationals.
What does POGO mean?
Philippine Offshore Gaming Operators (POGOs) are the official designations for firms operating in the Philippines. But these cater to online gambling services to markets outside the country.
POGOs must be licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) to be able to operate legally. Besides, they are to restrict any individual in the country regardless of citizenship. Filipino citizens to avail of their services may be subject to license revocation. Also, it applies to patrons from countries in which online gambling is illegal.
Online gambling including online casinos is a growing industry. Although, many countries consider it illegal. However, in the Philippines, online casinos are legal and under-regulation of PAGCOR.
Finding the best online casino is hard nowadays. It should be reliable and secured. You may look for online casino tips for beginners to know what you need to in opening an account. It will be useful in understanding the guidelines and restrictions.
