The Philippine Anti-Money Laundering Council intervenes! Focuses on investigating Jiuding and White Horse Club, initiates asset confiscation procedures.

The Philippine Anti-Money Laundering Council (AMLC) has initiated an investigation into the money laundering activities associated with the ransom paid in a kidnapping case involving Chinese businessmen. On the evening of May 12, AMLC issued a statement saying that it is closely cooperating with the Philippine National Police, the Philippine Amusement and Gaming Corporation, and several casinos to trace the flow of funds.

It was reported that the ransom initially paid to the kidnappers was in Philippine pesos and US dollars, which was later converted into cryptocurrency. The police have indicated that Jiuding Group and White Horse Club, two VIP room operators, are suspected of assisting in laundering about 200 million pesos of ransom money. AMLC stated that this illegal operation likely used electronic wallets designated for casino games, shell accounts, and cryptocurrencies, among other methods, to attempt to conceal the source of the funds.

Jiuding Group and White Horse Club formally ceased their VIP room operations in Philippine casinos on May 7, with Jiuding Group also announcing its withdrawal from the Philippine market.

AMLC noted that it is collaborating with the police to collect evidence of illegal activities, track all movements of the ransom funds, and initiate asset forfeiture proceedings.