An investigation into money laundering activities has been launched by the Philippine Amusement and Gaming Corporation after reports were received that suggested an amount as high as $100 million in illegal funds were moved through local casinos.
In the report, it was revealed that hackers took the money from Bangladesh banks and then sold the funds on the black market. The money was then deposited into various bank accounts located in Makati. Macau high rollers then reportedly used the money to gamble at local casinos, including the City of Dreams Manila and the Solaire Resort & Casino, essentially moving the funds of the Philippines.
Once the news report came out, PAGCOR announced via CNN Philippines they would begin an investigation. The company stated the investigation began as soon as the report surfaced earlier this week and they have already written to two licensees within the company as well as the Midas Hotel and casino.
Comments on the allegations by the casinos are expected to be sent in within the week, according to Assistant Vice President of PAGCOR Corporate Communications Department, Maricar Bautista. Commenting on the financial institutions named in the report, PAGCOR states that none of the casinos mentioned in the report have accounts with the bank mentioned with the funds as they first were introduced into the financial system of the Philippines.
PAGCOR also reiterated that they require casinos to have strict internal control policies on the movements of funds as well as the issuing of gaming chips. Casinos are also to implement protocols in regards to knowing the customer when it comes to high value visitors.