Philippine Senate Committees Seek Expanded Anti-Laundering Law
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Senate’s banks and justice committees seek to approve expansion of Philippines’ anti-money laundering law to cover gaming companies, internet and ship-based casinos, as well as junket operators, according to a committee report.
Alert: HALISTER1- Senate bill also includes real estate, developers, brokers and sales agents, dealers of high-value items like precious stones and art, trust entities and money transfer companies as covered institutions
- Under the bill, cash threshold for covered transactions is at 500,000 pesos and an item is considered high-value if it’s worth over 1m pesos
- Bill also expands powers of Anti-Money Laundering Council by allowing it to subpoena persons and to investigate cases without court order
- NOTE: Philippines Asks Bangladesh for Probe Results on Stolen Millions Link
- NOTE: Philippines Seeks Tighter Scrutiny, Stiffer Penalty After Heist Link
Source: BFW (Bloomberg First Word)
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UUID: 7947283