Definition of Covered Transactions for Casinos
- A "covered transaction" for most covered persons involves cash or equivalent monetary instruments exceeding PHP 500,000 within one banking day.
- For casinos, a "covered transaction" specifically means a single casino cash transaction exceeding PHP 5,000,000 or its equivalent in other currencies.
Key Definitions Related to Casinos
- Casino: A business authorized by the government to engage in gaming operations.
- Internet-based Casino: Casinos where participation is via electronic methods such as the internet, telephone, TV, radio, or other communication technologies.
- Ship-based Casino: Casinos operated on board vessels, ships, boats, or other watercraft.
- Casino Cash Transaction: Transactions where cash is either received by the casino from or paid out to a customer or their representative.
- Gaming Operations: Activities involving games of chance and their variations, approved by the government authority.
Freezing of Monetary Instruments or Property
- The Anti-Money Laundering Council (AMLC) may petition ex parte for a freeze order on monetary instruments or property when probable cause exists that they are related to unlawful activities.
- The Court of Appeals issues the freeze order, which takes immediate effect for 20 days.
- Within these 20 days, the court shall conduct a summary hearing to decide whether to lift, modify, or extend the freeze order.
- The freeze order may be extended but shall not exceed a total of six months.
- The freeze order is limited only to the amount identified as proceeds of predicate offenses.
- The Courts must act on the freeze petition within 24 hours from filing, excluding nonworking days.
- If no case is filed within six months, the freeze order is automatically lifted.
Implementation of Rules and Regulations
- The AMLC, Philippine Amusement and Gaming Corporation (PAGCOR), and other regulatory agencies must promulgate implementing rules within 90 days of the Act's effectivity.
- These rules will specifically address compliance requirements for casinos as covered institutions.
- Default implementing rules for other covered institutions do not apply to casinos unless explicitly stated.
Separability Clause
- If any provision of the Act is declared unconstitutional, this does not affect the validity or effectiveness of the remaining provisions.
Repealing Clause
- All existing laws, decrees, orders, or issuances inconsistent with this Act are repealed, amended, or modified to conform with the new provisions.
Effectivity
- The Act takes effect 15 days after its publication in the Official Gazette or a newspaper of general circulation.