US Asks the Philippines to Regulate Casinos More Closely
The United States Department of State has urged the government of the Philippines to more closely scrutinize non- governmental organizations and casinos because of the fear that these groups may be used to launder money for terrorist funding use, drug smuggling, and other illicit purposes.

In 2006, the International Narcotics Control Strategy Report (INCSR) praised the Philippines for having passed a law against money laundering. The law created the Anti -Money Laundering Council (AMLC), the first action of which was to freeze around $9.7 million’s worth of terrorist bank accounts by November 2005, at the request of the UN Security Council and the American and British State Departments.

However, the yearly report also asked that the Philippine government undertake further measures "to become a more effective partner in the global effort to stanch money laundering and thwart terrorism and its financing."

The INCSR noted recently that, although the Philippine government has come a long way, there are still many business dealings, such as those at Philippine casinos, which are not controlled by the AMLC and therefore potentially serve as conduits for money laundering.

According the INCSR document posted on the website of the U.S. Embassy yesterday: "There is increasing recognition that the nearly 20 casinos nationwide offer abundant opportunity for money laundering, especially with many of these casinos catering to international clientele arriving on charter flights from around Asia.”

Many of the casinos in the Philippines are located near small international airports, at which enforcement of national regulations may not be as tightly enforced as in the major airports, and officials may be more susceptible to bribes since their pay is lower. It would be relatively easy, said the INCSR report, to launder money using casinos in these locations.

The AMLC has the authority to ask casinos, which are operated by the publicly- owned Philippine Amusement and Gaming Corp. to submit detailed reports on their financial activities. They have not, however, used this power as of yet.

Casinos, according to the INCSR report, are “rarely held accountable for failure to provide yearend reports of their activities, and there is no consistent accounting and verification of their financial records."

The INCSR fears that the casinos in the Philippines are playing a role in the billion- plus- dollar drug and arms trafficking trades, involving organized crime groups in that country as well as in China, Hong Kong, and Taiwan.

The report of the international organization also noted that non- profit organizations, which are not subject to the AMLC rules at all, may also be used by terrorist and criminal groups.

"Because of their ability to circumvent the usual documentation and reporting requirements imposed on banks for financial transfers, NGOs could be used as conduits for terrorist financing without detection," the report cautioned.

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US Asks the Philippines to Regulate Casinos More Closely
The United States Department of State has urged the government of the Philippines to more closely scrutinize non- governmental organizations and casinos because of the fear that these groups may be used to launder money for terrorist funding use, drug smuggling, and other illicit purposes.

More casino news