Philippines Quadcom to summon banks over offshore gaming operators funds

The House Quad Committee plans to summon banks, the AMLC and PAOCC.

The Philippines.- The Philippines’ House Quad Committee (Quadcom) has announced plans to request the presence of several banks, the Anti-Money Laundering Council (AMLC), and the Philippine Anti-Organized Crime Commission (PAOCC) at an upcoming hearing. The purpose is to investigate the movement of funds associated with people or companies under scrutiny for links to offshore gaming operators.

According to PhilStar, Manila chairman Manila 6th District Representative Bienvenido “Benny” Abante mentioned the move at a meeting with members of the Monday Circle at the Westin Hotel. Abante said he was informed that banks were aware of the intention to require their participation. They are reportedly seeking support from the Bankers Association of the Philippines (BAP) to oppose the summons under the protection of bank secrecy laws.

Abante said the AMLC and banks should clarify their role in dealing with suspicious movements by people under investigation. He noted instances where those being investigated were able to quickly move funds after Congress conducted an inquiry. Analysts have also suggested that unusual activity in the stock market could signal that it’s being used to channel departing offshore gaming operators’ funds ahead of the shut down of operators.

Abante said there are now only 43 legal offshore gaming operators despite estimates indicating that nearly 400 operators are still working in various parts of the country, including hidden operations in provinces and small gated communities. He mentioned the case of Alabang, where residents have protested against rentals to Chinese people.

See also: Philippine police investigate kidnapping of man allegedly linked to offshore gaming

PAOCC warns of former gaming workers running scam farms

The PAOCC has raised concerns about Filipinos previously employed by offshore gaming operators allegedly operating scam farms. During a radio interview, PAOCC spokesman Winston John Casio, described the situation as a “ticking time bomb.”

Casio said the farms mainly primarily focus on online shopping scams. He said: “You place an order, say a device, but you get a substandard product or a second-hand one. Worse, you don’t get anything. Our authorities have already dismantled some scammers perpetrating these activities. Some even hold an online raffle. Most of these Filipinos are veterans or alumni of offshore gaming operators that we have raided.”

Casio warned that due to the lack of time to build credible cases, the PAOCC was releasing people with warnings. In September, Patrick Patriwirawan Jr., a director of the Department of Labor and Employment (DOLE), said that, according to data provided by the Philippine Amusement and Gaming Corporation (PAGCOR), 40,962 Filipino workers will be affected by the closure of offshore gaming operators by the end of the year. 

The House Quad Committee plans to summon banks, the AMLC and PAOCC. The Philippines.- The Philippines’ House Quad Committee (Quadcom) has announced plans to request the presence of several banks,…