Question & AnswerQ&A (Republic Act No. 10927)
Republic Act No. 10927 designates casinos, including internet and ship-based casinos, as covered persons under Republic Act No. 9160 (the Anti-Money Laundering Act of 2001), specifically with respect to their casino cash transactions related to gaming operations.
A 'casino' refers to a business authorized by the appropriate government agency to engage in gaming operations. This includes internet-based casinos where participation is through remote communication technology, and ship-based casinos operating on vessels or water-based crafts.
A 'casino cash transaction' refers to transactions involving the receipt or payout of cash by a casino paid by or on behalf of a customer related to their gaming operations.
For casinos, a single casino cash transaction involving an amount in excess of Five million pesos (P5,000,000.00) or its equivalent in any other currency is considered a covered transaction.
The Court of Appeals may issue a freeze order effective for twenty (20) days based on a verified ex parte petition by the AMLC if probable cause exists that the property is related to unlawful activity. The freeze order can be extended but shall not exceed six (6) months. The court must act within 24 hours from the filing of the petition, excluding nonworking days.
The freeze order issued by the Court of Appeals is initially effective for 20 days, during which a summary hearing is held. It may be extended, but in total shall not exceed six months. If no case is filed within that period, the freeze order is lifted ipso facto.
The freeze or asset preservation order shall be limited only to the amount of cash or value of property for which the court finds probable cause to consider as proceeds of a predicate offense. Amounts in the same account in excess of this value shall not be affected.
The AMLC, PAGCOR, and other government regulatory agencies are required to jointly promulgate rules and regulations to implement the provisions of the Act as applicable to casinos within ninety (90) days from its effectivity.
No, the implementing rules applicable to other covered institutions do not apply to casinos unless expressly provided under the rules and regulations for the Act's implementation.
Republic Act No. 10927 shall take effect fifteen (15) days following its publication in the Official Gazette or in any newspaper of general circulation.