Philippines SEC Calls for Casinos to Fall Under Anti-Money Laundering Legislation Following New York Fed Cyber Heist
Philippines Securities and Exchange Commission (SEC) Chairwoman Teresita Herbosa said this week that her country has to expand its current Anti-Money Laundering Act (AMLA) to provide investigative authorities with extra resources and research powers.
Bangladesh central bank boss Atiur Rehman stepped down on Tuesday, after an $81 million cyber heist of his country’s cash. Ironically, Rehman is seen here after winning a 2014 Peace that is GUSI Prize for his work in the area of economics.
Specifically, Herbosa says casinos require to fall under the AMLA umbrella of regulatory oversight.
‘ We must fortify the legislation,’ Herbosa told reporters in Manila on Monday. ‘It’s an effort that is global eradicate money laundering . . . We need to catch up with individuals doing that task.’
Charged with supervising the country’s corporate sector, investing public, and its particular securities and investment market, Herbosa is giving an answer to the Philippines’ apparent involvement in an effective $81 million cyber heist that spread from the United States to Southeast Asia.
Half Moved Through Casinos
A little more than half of the $81 million stolen in the cyber heist moved through two for the nation’s casinos, according to PAGCOR, the Philippine’s video gaming regulatory authority. One unnamed PAGCOR official noted that the influx of funds went to the Solaire Resort aRead More ->