National Bank Enters Fight to Stop Illegal Gambling in Philippines

Posted: September 30, 2010

Updated: October 4, 2017

GamingZion on Wednesday reported on rampant lottery corruption in the Philippines, a new player has entered the fight against illegal “jueteng”

GamingZion on Wednesday reported on rampant lottery corruption in the Philippines, a new player has entered the fight against illegal “jueteng” operators in a unique – and, it is hoped, more prohibitive – way.

The Anti Money Laundering Council within the Bangko Sentral ng Pilipinas has announced a new measure in getting to big-time jueteng operators: Namely, investigating transactions involving expensive art works, jewelry, and other luxury items.

Why this measure? As it turns out, the illegal gaming operators in the Philippines cannot simply deposit large sums of money in the bank, instantly arousing suspicion. Instead, the “jeuteng lords” take the cash and buy expensive items, then turn around and sell by auction in Singapore or Hong Kong.

“It has been done quite a lot,” Richard David Funk II, deputy director/head of the AMLC compliance and investigation group, told local media, adding that “We are also working on expanding the predicate crimes or unlawful activities resulting in the derivative offense of money laundering from activities such as dealings in precious metals, precious stones, real estate, casinos, and even online casinos” in the Philippines.

While Funk is confident that stricter measures and the further amendments mentioned above will help in cracking down on providers of illegal lottery and internet gambling in the Philippines, perhaps steps toward regulation would be wiser, as some Filipino parliamentarians have suggested.