After the United Nations identified Casinos in Southeast Asia as a potential tool for money launders, Philippines Anti-money laundering council has developed a partnership agreement with the Philippine Amusement and Gaming Corporation, the state gaming regulator and operator called PAGCOR. This agreement emerged as part of the plans to strengthen the country fight against money laundering through casinos. The Chairman of AMLC, Benjamin Diokno said that the agreement is to ensure that relevant information is shared between the two parties as it is becoming highly difficult to monitor the flow of cash within the casinos and the gambling sector as a whole.
According to him, there is an urgent need to establish strict measures that will ensure compliance and adherence to the anti-money laundering and counter-terrorism framework because the emergence of internet casinos, junket operations, and reduced transparency of high-rollers, it becomes extremely difficult to monitor the movement and sources of funds. Resorts World, Okada, City of Dreams, and Solaire which are the gaming clubs with the most revenue already registered with the AMLC.
