Law Summary
Definition of Covered Transactions for Casinos
- A "covered transaction" generally refers to any cash or equivalent monetary instrument transaction exceeding PHP 500,000 within one banking day.
- For casinos, a single casino cash transaction exceeding PHP 5,000,000 or its equivalent in any other currency qualifies as a covered transaction.
Specific Definitions Related to Casinos
- "Casino" is defined as a business authorized by the government to engage in gaming operations.
- "Internet-based casino" involves participation through remote communication technologies including internet, telephone, TV, radio, or other electronic means.
- "Ship-based casino" refers to casinos operated on vessels such as ships or boats intended wholly or partly for gambling.
- "Casino cash transaction" includes the receipt or payout of cash by a casino on behalf of a customer.
- "Gaming operations" cover casino activities offering games of chance and their government-approved variations.
Freezing of Monetary Instruments or Property
- The Anti-Money Laundering Council (AMLC) may file an ex parte petition with the Court of Appeals to freeze monetary instruments or property upon probable cause linking them to unlawful activity.
- The freeze order is effective immediately for 20 days, during which a summary hearing is conducted to modify, lift, or extend the freeze.
- The freeze can be extended for a total of up to six months.
- If no case is filed within six months, the freeze automatically lifts.
- The freeze applies only to the amount deemed to be proceeds of a predicate offense; other amounts in the account remain unaffected.
- The court must act on the freeze petition within 24 hours, excluding nonworking days if the filing occurs just before such days.
Implementing Rules and Regulations (IRR)
- Within 90 days from the Act’s effectivity, the AMLC, Philippine Amusement and Gaming Corporation (PAGCOR), and other regulatory agencies must jointly issue implementing rules for casinos as covered institutions.
- Existing IRRs for other covered institutions apply to casinos only if explicitly provided.
Separability and Repealing Clauses
- If any provision is declared unconstitutional, the remainder of the Act remains valid and effective.
- Laws, decrees, orders, or issuances inconsistent with the Act are repealed, amended, or modified accordingly.
Effectivity
- The Act takes effect 15 days after publication in the Official Gazette or a newspaper of general circulation.