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Philippine casino junkets remain vulnerable to money laundering risks, regulator finds

( March 23, 2023, 03:52 GMT | Official Statement) -- MLex Summary: Casino junkets remain a significant source of money laundering risks in the Philippines, according to a new study published by the country's Anti-Money Laundering Council. The study found that the volume and value of suspicious transaction reports, or STRs, related to casino junkets has been increasing over the past few years, spiking to 9.68 billion pesos ($178 million) in 2022. The regulator said STRs in high-risk integrated resorts echo the need to strengthen the money-laundering controls in the sector, with the heavy use of physical cash by casino players and the non-reporting of suspicious transactions by certain casino junket operators contributing to the problem.The report is attached. ...

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