The main reason the Philippines is still included on a global list of countries that don't do enough to stop money laundering is because of junket groups that cater to the country's numerous casinos. The Financial Action Task Force, an intergovernmental group established by the Group of Seven with the goal of reducing money laundering and global terrorism funding, says as much.
It claims that there are serious money laundering concerns with casino junkets, which fly high rollers from Asia to casinos in the Philippines and frequently lend them money to gamble with, matching their expensive travel expenses.
It claims that there are serious money laundering concerns with casino junkets, which fly high rollers from Asia to casinos in the Philippines and frequently lend them money to gamble with, matching their expensive travel expenses.
