THE M3: JUNKET OVERSIGHT; PHILIPPINE CASINOS EXCLUSION FROM LAUNDERING LAW

The Macau Metro Monitor, February 7, 2013

 

 

GOV'T STRENGTHENS OVERSIGHT OF JUNKETS Macau Daily Times

Secretary Tam said that the government is stepping up its inspection on the gaming industry and imposing stricter examination on the backgrounds of the casino junkets in order to “purify” the industry.  “It’s been the government’s established policy to maintain a stable and healthy development of the gaming industry,” Tam said, “should we find any illegal activities in the sector, we won’t turn a blind eye to it, nor take no action against such activities.  The junket system has been operating in Macau for many years, during which we have been optimizing the system with all kinds of adjustments, and reinforcing our supervision of the system. Junket operators need to register with the authority and get a license before they can do business here and we’re planning to exercise stricter examination of their registration. The government is reviewing its current practice in this respect in order to have a closer check on their qualifications, particularly whether or not they have criminal records."

 

CASINOS GET A PASS IN LAUNDERING LAW Inquirer

Philippine casinos were excluded from the amendments passed on stronger money-laundering controls. Senator Teofisto Guingona said casinos and Internet gaming were excluded at the request of the House and of the state regulator Philippine Amusement and Gaming Corp.  “(They) excluded casinos from coverage because (House members) warned it would deter investors. That’s the number one reason. And number two, Pagcor,” Guingona said.

 

The Senate’s passage of the law came five weeks before the opening of Entertainment City, a $4 billion Manila casino complex.


 

 



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