Efforts to get anti-money-laundering laws in the Philippines into line with international standards continue, with a senator saying he will be push for a stronger statute that will include casinos on the list of businesses required to adhere to reporting requirements.
Senator Teofisto Guingona is drafting the bill in the wake of a recent US State Department report criticizing the country’s efforts to combat money laundering as weak.
The bill also will increase the budget of the Anti-Money Laundering Council, said Mr Guingona, who stressed that the Philippines needs to fulfill its commitment to international conventions that mandate stronger anti-money laundering measures.
Congress passed amendments earlier this year bolstering the country’s anti-money laundering law, including one that expands the list of covered institutions, but casinos were excluded on the belief of several influential lawmakers that it would hamper the industry’s growth.
“We will study how the other countries are doing it and we’ll see how we can incorporate it here,” Mr Guingona told reporters. “There are more industry players now, therefore we can start the hearings and see what their views are.”
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