The gaming regulator in the Philippines is no longer issuing online gambling licenses after China pushed for the country to ban online gambling to crackdown on cross-border gambling. China’s goal is to avoid having criminals use cross-border gambling for laundering funds and illegally recruiting workers
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The country’s Anti- Laundering Council is examining the industry to determine what sort of impact banning online gambling would have.
From Reuters:
Benjamin Diokno, who is governor of Bangko Sentral ng Pilipinas (BSP) and head of the Anti-Money Laundering Council, has ordered the agency and the central bank's financial stability team to "put some sense to this online gambling".
"What if all of a sudden they decide to pack up and leave? What will be the impact of that on the property sector, also the food industry, the restaurants? This is part of my job as BSP governor," Diokno told an economic forum on Tuesday.
Read more here: https://www.nasdaq.com/article/phili...20190827-00135