Mixed record in Asia for AML, but noose to tighten

The Financial Action Task Force has included casinos as money laundering risks since 2003, allowing more than 12 years for countries to implement effective controls in accordance with its recommendations. However, there have been mixed results across Asia. The FATF evaluates compliance through FATF Style Regional Bodies (FSRBs), the regional FSRB being the Asia Pacific Group on Money Laundering (APG), which undertakes periodic mutual evaluations (a peer review between member jurisdictions). It takes some time to get around all participating countries and the current APG schedule will take several more years to conclude. The recent revelations that Manila casinos have been used to launder money reportedly shocked Philippine politicians and were met with disbelief by The Philippine Amusement and Gaming Corp (PAGCOR). When allegations first emerged that Manila casinos had been targeted to launder up to $100 million, PAGCOR’s chair and CEO Cristino Naguiat is reported to have said, “… (a...

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