Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Global casino operators are bending over backwards to get a piece of the future Japanese casino industry, but they may have to wait just a little bit longer.

Union Gaming Analyst Grant Govertsen believes Japan is unlikely to develop a framework of regulation for casino gaming until the fall and it will likely be an ‘October or November’ event.

The Japanese Diet passed its Integrated Resorts Promotion Bill in December, after years of mulling the issue, paving the way for the opening up of a market with the potential to become the second biggest in the world, after Macau. But Japan has not regulated casino gaming, not yet, at least.

The Integrated Resorts Bill was an enabler, giving the Diet a 12-month deadline to prepare a framework of regulation, which will lay down licensing requirements and measures to protect problem gamblers from using casinos.

No Movement in Spring

With the Diet’s ordinary session getting underway nice and early, on January 20, it was hoped that process would begin soon, but not so fast, says Union Gaming Analyst Grant Govertsen. There is unlikely to be any movement on regulation during the spring session, he said in a note this week.

‘Rather, we think the Diet has already made the decision to handle the IR bill during the fall special session, suggesting that it is more likely going to be an October or November event,’ Govertsen said.

Prime Minister Shinzo Abe’s ruling Liberal Dem Read more

Philippines to Plug Cash Laundering Holes in Casino Sector

Philippines to Plug Cash Laundering Holes in Casino Sector

The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.

The country’s gambling enterprises, which are lightly managed by state-run operator-regulator PAGCOR, are exempt from the guidelines of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to include casinos that are philippine the powers of this nation’s Anti-Money-Laundering Act. All that remains is to choose the transaction reporting limit.

But the cyber heist on the Federal Reserve Bank of February year that is last drew the relaxed nature of the Philippine system to your world’s attention and severely embarrassed the country, leading to urgent calls for modification not only from lawmakers inside the Philippines but additionally from the World Bank.

On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.

Around $101 million was successfully withdrawn before suspicions were raised. Some $20 million with this sum had been quickly traced to Sri Lanka and recovered. The remainder was transferred to Philippine bank RCBC and, from there, $46 million found its way, via a remittance company, into the Philippine casino industry.

Time for Change

Representative Ben Evardone, president of this committee on banking institutions and intermediari Read more