Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said the BSP will fast-track the issuance of the implementing rules and regulations (IRR) on the recently signed Republic Act No. 10927 which placed casinos under the anti-money laundering law.

BSP Governor Nestor A. Espenilla Jr. chairs the Anti-Money Laundering Council (AMLC), the country's financial intelligence unit. The AMLC Secretariat which includes as members of the heads of the Securities and Exchange Commission and the Insurance Commission has also been undergoing organizational and operation overhaul for some time.

Governor Espenilla said that "The IRR for the new casino law will be fast-tracked and should be in place by year-end at the latest. The IRR will be developed in coordination with casino regulators, notably PAGCOR.”

Through the casino law, known also as "An Act Designated Casinos as Covered Persons under Republic Act No. 9160, otherwise known as the Anti Money Laundering Act of 2001," it gives authority to the Court of appeals to give a 20-day freeze order on suspected transactions and caps casino activities up to R5 million for tagging under the law.

Espenilla said that this will plug a critical gap in the legal framework and significantly strengthen the ability to prevent the entry of illicit money into the Philippine economy.

BSP and AMLA Regulations

BSP has recently revised its AMLA regulations and has emphasized on the vitality of a strong Money Laundering/Terrorist Financing (ML/TF) risk assessment, a proportionate risk-based approach, and reduction of low-risk transactions.

In the Philippines, bank transactions exceeding of P500,000 will be automatically reported to AMLC based on the AMLA provisions. This is defined as 'covered transaction,' transaction where there is no underlying legal or trade obligation, purpose or economic justification

A full reorganization of AMLC is pursued by BSP in order to give the agency the authority to investigate suspicious transactions, money laundering activities, and other violations in accordance to AMLA.