RA10927: AN ACT DESIGNATING CASINOS AS COVERED PERSONS UNDER REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE "ANTI-MONEY LAUNDERING ACT OF 2001", AS AMENDED
Republic Act (RA) 10927, enacted on July 14, 2017, designates casinos as covered persons under the Anti-Money Laundering Act of 2001 (RA 9160), as amended. This means casinos are now required to comply with the requirements of the Anti-Money Laundering Act to prevent money laundering and terrorist financing activities.
Highlight of RA 10927
RA 10927 strengthens the anti-money laundering framework in the Philippines by including casinos, which are considered vulnerable to money laundering activities. This helps to protect the integrity of the financial system and prevent the country from being used as a haven for illegal activities.
Other Key Provisions
Covered Transactions: The Act defines covered transactions for casinos as single casino cash transactions exceeding P5 million or its equivalent in any other currency.
Definitions: The Act provides clear definitions of terms related to casinos, including "casino," "internet-based casino," "ship-based casino," "casino cash transaction," and "gaming operations."
Freezing of Monetary Instrument or Property: The Act clarifies the process for freezing monetary instruments or property related to unlawful activities in casinos.
Implementing Rules and Regulations: The Anti-Money Laundering Council (AMLC), the Philippine Amusement and Gaming Corporation (PAGCOR), and other relevant government agencies are mandated to jointly issue implementing rules and regulations for the Act.