This legislation had originally only covered banks, trusts, insurance providers, investment houses, securities dealers and foreign exchange firms but Duterte’s signature means that it now applies to any "business authorized by the appropriate government agency to engage in gaming operations”.
According to a report from the Philippine Daily Inquirer
newspaper, the amended legislation means that all casinos are now required to report
any transaction including accumulated wagers worth over US$ 100,500 to the
nation’s anti-money laundering agency.
The Philippine Court of Appeals has been given the power to institute a 20-day
freeze on any instrument or property suspected of unlawful activity while
authorities investigate. This
suspension, which may be extended to up to six months, may additionally result
in parties having any illicit cash forfeited to the state following a trial.
Source: GMB / World Casino Directory
