March 6, 2020 at 1:51 am #4041gamblerockKeymaster
Philippines Flags ‘Suspicious’ $276-Million Online Casino Money
By Siegfrid Alegado bloomberg.com
March 5, 2020, 11:40 PM EST
In a shocking online gambling news story the The Philippines Gov’s Anti-Money Laundering Council said it recently flagged a monster online casino transaction as’suspicious’.
The total amount seized is close to 14 billion Philippine pesos (which is roughly valued around $275 million $USD) of total cash was flagged.
Executive Director Mel Georgie Racela said transactions flagged took place from 2017 through October 2019. The news came during a Senate hearing on Thursday, citing the agency’s risk assessment report on Philippine offshore gaming operators or POGOs which cater to Chinese high roller gamblers.
At the same time, the country has benefited greatly by the number of online casinos that have set up their online casinos to operate live baccarat and live online blackjack dealers. They’re usually pretty Asian females in their mid-20’s to attract the male dominated customer base if Chinese high rollers.
Bulk of the transactions involved amounts that supposedly weren’t commensurate to business or financial capacity of parties involved, Racela said. Some funds movements may also be linked to drug trafficking, fraud and e-commerce law violations, he said.
Lawmakers at the Senate are investigating reports of crimes ranging from prostitution to cash smuggling and money laundering involving Chinese nationals.
You can read the original story that was written and published by Siegfrid Alegado, a bloomberg.com Filipino journalist covering the latest news affecting the Philippines.
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