AMLC Flags P14 Billion in Online Casino Transactions Suspected In Money Laundering Scheme

September 7, 2023 0 Comments

The Anti-money laundering council (AMLC) in the Philippines has flagged P14 billion in online casino gambling funds suspected to be a part of an elaborate money laundering scheme.

The transactions in question were recorded between 2013 to 2019 and consist of over 1,031 different transactions. Suspicious transactions reports (STR) were filed during the seven years, with most of the disreputable transactions peaking in 2016 with 332 suspicious transactions. Most STRs were filed in terms of volume based on no underlying legal or trade obligation.

The analysis included the following:

-Philippine offshore gambling operators (POGOs).
-Gaming laboratories (G.L.).
-Interactive gaming licenses (IGLs).
-Interactive gaming support service providers (IGSSPs).
-Service providers (S.P.’s).

Service providers produced the most STRs, with over 957 reports.

  • What Does the AMLC Do?

The Anti-money laundering council was created by R.A. No. 9160 to protect the integrity of banking accounts and to ensure that the Philippines is not used as a money laundering location for the proceeds of unlawful activity.

The AMLC oversees monetary transactions in the Philippines and fights money laundering and other unlawful activity by investigating transactions and freezing accounts they deem suspicious. If a scheme is uncovered, they can seize funds and seek prosecution from the judicial system of the Philippines.

*Are Philippine Legal Online Casinos Used For Money Laundering?

No fiscal industry is immune to money laundering. Still, legal online casinos in the Philippines take steps to ensure that money laundering schemes are uncovered, and that appropriate legal actions are taken against the suspected people or organizations.

It is in the best interest of all online casinos to uncover money laundering schemes, as they do not want their accounts audited or seized. Law-abiding citizens should not worry about money laundering, but businesses accepting those funds could be at risk.

  • Can I play Legal Online Casinos In The Philippines?

Yes, our Philippine online casino reviews are a great place to start when looking for a legitimate and licensed online casino. The casino sites we recommend operate from trusted gambling jurisdictions and follow compliance records from oversight agencies, often government agencies, to guarantee their players that they are offering a valid service.

Note: Many rogue casinos operate online without proper licenses; while not all the unlicensed casinos are bad or participating in illegal activity, it is a good decision to stick with licensed sites to avoid account lockouts, missed payments, and other discrepancies that can occur with non-regulated sites.

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