The Financial Action Task Force (FATF) has named the Philippines on its “increased Monitoring” list, and President Marcos is now taking action.
The FATF is a global watchdog organization based in Paris that is focused on money laundering and terrorist financing. More than 200 countries have pledged to adhere to its safeguards.
In late 2023, President Marcos ordered 44 different Philippine government agencies to abide by FATF recommendations and scrutinize large financial transactions. Since casinos have been used in the past to launder money, the Philippine Amusement and Gaming Corporation (PAGCOR) has received specific instructions to comply.
2016 Money Laundering Scheme
In 2016, one of the most well-known money laundering schemes in recent times took place in the Philippines and involved numerous casinos. The case involved North Korean hackers who stole $101 million from a Bangladesh bank account and used casinos in Entertainment City to launder $81 million in stolen money.
There is now an ongoing court case between the Bangladesh government and the Rizal Commercial Banking Company, where the funds were initially transferred.
Popular Casino Destinations In The Philippines For 2024
Most resort casinos are in the Manila gambling district; however, there are numerous gambling regions in the Philippines. Entertainment City is just a hop and a half away from the Manila airport, which houses five mega casino-style resorts: Solaire, City of Dreams, Okada Manila, Resorts World, and the upcoming Nayon Landing.
Are Online Casinos Legal In The Philippines?
Yes, no laws in the Philippines outlaw online casino gambling. However, domestic casinos cannot offer their services online to Philippine players. Therefore, only online casinos from outside of the country are permitted.
To ensure player protection, it has been suggested that players only wager online with licensed casino sites that a trusted gambling regulator regulates. All the sites on our PH online casino reviews page are licensed and legally offer their services to Philippine players.
Many sites now accept Bitcoin and other popular altcoins to make online casino gambling as easy as possible. You can also regularly find sign-up bonuses, reload bonuses, player reward programs, and other benefits and rewards from online casino sites.