The Philippines’ Anti-Money Laundering Council (AMLC) is ramping up its investigation into junket operators accused of facilitating the laundering of ransom money associated with the kidnapping of businessman Anson Que. The ransom, initially paid in pesos and U.S. dollars, was later converted into cryptocurrency, prompting authorities to scrutinize the financial movements tied to this crime. The AMLC has been working alongside the Philippine National Police (PNP), the Philippine Amusement and Gaming Corp. (PAGCOR), and various casino operators to track down the illicit funds.

Collaboration with other agencies and forfeiture proceedings:

Junket operators 9 Dynasty Group and White Horse Club are at the center of the investigation. These groups are believed to have played a significant role in the laundering of P200 million (roughly US$3.6 million) in ransom money through e-wallets linked to casino gaming, shell accounts, and digital assets. Both groups have ceased their operations in most Philippine casinos as of May 7, with 9 Dynasty reportedly pulling out of the local market entirely. However, the AMLC has made it clear that its investigation is ongoing, and efforts to trace the funds across various financial channels continue.

The AMLC is also pursuing forfeiture proceedings as part of its efforts to recover the laundered funds. The council is focusing on the casino players who received ransom payments through e-wallets connected to the junket operators. Additionally, the AMLC is examining the unlicensed use of e-wallets capable of cryptocurrency conversions, coordinating with the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) to assess potential regulatory violations.

The investigation is not confined to domestic channels. The AMLC is working with international financial intelligence units to trace the global movement of the funds, ensuring a comprehensive examination of the illicit financial activities involved in the case.

In a statement, the AMLC reiterated its commitment to safeguarding the Philippine financial system, emphasizing its dedication to resolving the case and preventing the country’s financial infrastructure from being used for illicit purposes.

The kidnapping and ransom payment details:

Anson Que, a Chinese businessman, was kidnapped in late March 2025, along with his driver. According to Bilyanaro Business News, their bodies were found on April 10, 2025, along a roadside in Rodriguez, Rizal. The two had been missing since March 29, and their families had reportedly paid a P200 million ransom for their release. Despite the ransom being paid, Que and his driver were tragically found dead, sparking an urgent investigation.

The ransom was initially withdrawn in foreign currencies, including a withdrawal of US$1.36 million from an international account. A portion of the ransom was later moved through the controversial financial service Huione Pay, a Cambodia-based company, which was used to convert the funds into cryptocurrency.

The role of the junket operators has become a key point of interest for investigators. The two junket groups were reportedly involved in the transfer and conversion of the ransom payments, facilitating the laundering process by utilizing e-wallets designated for casino gaming, along with other methods such as shell accounts and cryptocurrency transactions to obscure the money trail.

The AMLC is collaborating closely with the PNP and PAGCOR to gather evidence and trace the illicit funds across various financial channels. The investigation also aims to scrutinize not just the actions of the kidnappers who orchestrated the ransom payment, but also the role of casino players who may have received the funds through the junket operations.

As part of the investigation, the AMLC is working with the BSP and SEC, as well as international financial authorities, to monitor the movement of the funds beyond the Philippines. The council has reaffirmed its commitment to maintaining the integrity of the financial system in the country, vowing to prevent further misuse of financial channels for illegal activities.