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Loopholes in AMLA: Sen. Imee Marcos, during the virtual hearing of the Committee on Finance on the proposed 2021 budget of the Anti-Money Laundering Council (AMLC) Thursday, September 17, 2020, cites several loopholes in its operations. Marcos cited the P167 million United Coconut Planters Bank (UCPB) cyberheist which has yet to be traced; the $210 million brought into the country by online casino operators; and the $100,000 threshold for online gaming operation when the global threshold is only $10,000. AMLC Executive Director Mel Georgie Racela told senators the AMLC needs to get a court order to trace the P167 million stashed by the Nigerian syndicate and that the council is still waiting for the Bureau of Customs (BOC) to file smuggling cases against the culprits before it could file money-laundering cases against the casino operators for bringing $210 million into the country. He said the AMLC could also lower the threshold for online gaming operation to $10,000. (Screen grab/Senate PRIB)