BUREAU OF INTERNAL REVENUE

 

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 81-2017, 16 August 2017, disseminating the full text of Republic Act (RA) No. 10927, entitled "An Act Designating Casinos as Covered Persons under RA No. 9160, otherwise known as the Anti-Money Laundering Act (AMLA) of 2001, as amended" to internal revenue officials.

RA No. 10927 amended Section 3(a)(8) to include as covered persons "casinos" with "casino cash transactions" related to its gaming operations or games of chance. Casino is defined as a business authorized by the appropriate government authority, including internet-based, ship-based and casinos on land.

RA No. 10927 also amended Section (3)b to limit covered transactions for casinos to a single casino transaction involving an amount in excess of PHP Five Million Pesos (PHP5,000,000.00) or its equivalent in any otherr currency.

The law also amended Section 10 on the rules for freeze orders as follows:

1. Ex parte freeze orders granted by the Court of Appeals (CA) shall be for a period of twenty (20) days. Within 20 days, the CA shall give notice to parties, conduct a summary hearing, and decide whether to modify, lift, or extend the effectivity of the freeze order. If extended, the total period of the freeze order shall not exceed six (6) months.
2. If the CA remands the case to the Regional Trial Court (RTC) with jurisdiction over the AMLA case, the RTC can issue an asset preservation order. The freeze order shall be automatically lifted if no case is filed within six (6) months from issuance of the freeze order.
3. The amount covered under the freeze order or asset preservation order is limited to the amount in cash, monetary instrument, or property value that falls under the threshold amounts for proceeds of a predicate offense for purpose of determining probable cause.