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The U.S. Department of State said in its International Narcotics Control Strategy Report in March 2017 [56] that “criminal groups already take advantage of Philippine casinos to transfer “illicit proceeds from the Philippines to offshore accounts,” and that the country's gaming palaces have “high risks for money laundering. [57] One of ...
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The Anti–Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160, also known as the Anti–Money Laundering Act of 2001 (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA).
The Philippines is hopeful of being taken off the money laundering 'grey list' of the Financial Action Task Force (FATF) of this year, the country's Anti-Money Laundering Council said on Tuesday.
Data from the Anti-Money Laundering Council showed ₱14 billion (26%) of the ₱54 billion worth of transactions from 2017 to 2019 were deemed suspicious. DoF, saying that POGO-related crimes may pose a risk to business and institutions, estimated that the Philippines may risk losing ₱16.7 billion – ₱26.2 billion in foreign direct ...
The plunder case consisted of four separate charges: acceptance of 545 million pesos from proceeds of jueteng, an illegal gambling game; misappropriation of 130 million pesos in excise taxes from tobacco; receiving a 189.7-million-peso commission from the sale of the shares of Belle Corporation, a real estate firm; and owning some 3.2 billion ...
By Jack Queen (Reuters) -Three executives of voting technology company Smartmatic have been charged with funneling $1 million in bribes to a former Philippine election official to secure the ...
The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering (Anti–money laundering or AML), combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction.