Philippines spare casinos from tougher money laundering regulations

 

Casinos were given a free pass as Congress passed a tougher law against money-laundering, but protected the government’s bid to chase mega-dollars in Asia’s gaming boom, AFP reported. The amendments apply to businesses other than banks, and aim to stop the funneling of proceeds from criminal activity, as well as to block terror funding. Casinos and Internet gaming were excluded at the request of the House – arguing it would deter investors – and of the state regulator Philippine Amusement and Gaming Corp. The Senate’s passage of the law comes five weeks before the debut of Entertainment City, a USD $4 billion project at Manila Bay, with the opening of Bloomberry’s Solaire Manila IR, announced for mid March.