‘Only $2 M left in casino account’

MANILA, Philippines - Only an estimated $2 million in allegedly stolen money is left in the account of Solaire Resorts and Casino out of the $26 million that entered the establishment, according to an investigation by the Philippine Amusement and Gaming Corp. (Pagcor), the state-owned gaming regulator.

The remaining $2 million or roughly P90 million is still intact but could no longer be withdrawn pending the results of an ongoing anti-money laundering investigation. The balance of roughly $24 million had been withdrawn by Chinese players in the form of gaming chips, according to Pagcor’s report.

The report, containing the names of the Chinese gamblers who withdrew the money, has been submitted to the Senate Blue Ribbon committee.

The $26 million that went to Solaire was part of the estimated $46 million that went through the casinos out of the $81 million stolen by alleged Chinese hackers from the Bank of Bangladesh and which found its way to the Philippines. 

The balance of $20 million was deposited in Eastern Hawaii and Leisure Co. within the Cagayan Economic Zone.

As of press time, it is not yet clear how much of the $20 million that went to Eastern Hawaii is left with the casino, or whether the full amount has been withdrawn.

An estimated $81 million stolen from the Bank of Bangladesh allegedly entered the Philippines via the Jupiter, Makati branch of Rizal Commercial Banking Corp. (RCBC) through alleged accounts of several individuals, including businessman William Go. The money found its way to the two casinos.

The Senate is still investigating the matter with the hope of plugging loopholes in the country’s Anti-Money Laundering Law of 2001.

For its part, corporate regulator Securities and Exchange Commission (SEC), whose chairperson is a member of the Anti-Money Laundering Council (AMLC), has initiated moves to strengthen anti-money laundering measures in the capital markets.

It has strengthened its anti-money laundering framework under the 2015 Implementing Rules and Regulations (IRR) of the Securities Regulation Code (SRC), which took effect on Nov. 9, 2015.