PUBLISHED : 22 Jan 2025 at 18: 05
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A communal swimming pool at the former online casino compound in Bamban, Tarlac, the Philippines, on Dec 6, 2024. A casino raid in Bamban revealed the mayor’s business connections to Singapore’s $2 billion money-laundering scandal, and sparked allegations of Chinese espionage. (Bloomberg photo)
The Philippines’ ban on online casinos hasn’t eliminated money laundering risks, and any failure to stamp out illegal entities could undercut efforts to permanently exit a global watchlist, according to a Moody’s analyst.
“There are still inherent risks, and it’s not just the underground online gaming,” Choon Hong Chua, head of the financial crime practice group for Asia Pacific and the Middle East at Moody’s,
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