IMF praises Philippines for placing casinos under AML act

The International Monetary Fund welcomed the recent amendment that includes casinos under the AML act in the Philippines.

The International Monetary Fund (IMF) has talked about the changes in the Philippines regarding the inclusion of casinos in the Anti-Money Laundering Act. The IMF executive board expressed its gratitude after a review of the country’s economy.

“[The IMF] welcomes the recent amendment… to include casinos,” said the executive board. “Notwithstanding this notable progress, the AML/CFT framework could be strengthened further by amending the bank secrecy law and making tax evasion a predicate crime,” added the document.

Back in July, Rodrigo Duterte, president of the Philippines, signed the law that places casino operations under the Anti-Money Laundering Act (AMLA), in order to end illegal financial transactions. The Republic Act 10927 amended RA 9160, also known as Anti-Money Laundering Act of 2001, to expand its coverage and include other transactions. The new regulations took effect on November 4.

“The outlook for the Philippine economy is favourable despite external headwinds. Real gross domestic product growth is projected at 6.6 percent in 2017 and 6.7 percent in 2018, owing to continued robust domestic demand,” added the IMF.

Last month, the AMLC issued a 23-page implementing rules and regulations that will require casinos to put in place “sound risk management policies” to stem the flow of illicitly obtained cash.