The Anti-Money Laundering Council (AMLC) has launched a multi-agency investigation into the suspected laundering of a PHP200 million ransom payment linked to the kidnapping of businessman Anson Que, with the funds reportedly channeled through casino-affiliated e-wallets and ultimately converted into cryptocurrency. The inquiry is now drawing intense scrutiny to the role of junket operators and digital payment infrastructures in masking illicit financial flows.
Layered Laundering: From Pesos to Crypto
According to officials familiar with the probe, the ransom—paid in a mix of Philippine pesos and US dollars—was initially routed through e-wallets tied to casino junket operations, a method allegedly used to obfuscate the transaction trail. The digital funds were subsequently transferred into cryptocurrency wallets, making them significantly more difficult to track due to the pseudonymous nature of blockchain transactions.
Junket-linked operators 9 Dynasty Group and White Horse Club are at the center of the probe. Preliminary findings suggest these entities utilized shell accounts and gaming-specific e-wallets that provided a veil of legitimacy to the transactions, allowing large sums to be deposited, moved, and withdrawn under the guise of casino-related activity.
Regulatory Crackdown Underway
The AMLC is coordinating closely with the Philippine National Police (PNP), the Philippine Amusement and Gaming Corporation (PAGCOR), and other regulators including the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). The investigation spans the entire laundering chain—from the digital wallets used to receive the ransom to possible unauthorised use of financial technology (fintech) platforms and non-compliant cryptocurrency exchanges.
The council is also in active discussions with foreign financial intelligence units, exploring the possibility of cross-border fund transfers—a move that underscores growing regional concerns about the role of unregulated digital channels in transnational crime.
Operators Exit Ahead of Formal Proceedings
Both 9 Dynasty and White Horse Club ceased casino operations in the Philippines as of 7 May 2025, a move many interpret as an attempt to avoid regulatory and legal consequences. 9 Dynasty has gone a step further, announcing plans to exit the domestic gaming market entirely, raising questions about its long-term compliance posture and the extent of its exposure in the Que case.
Junkets in the Spotlight—Again
This latest development brings renewed focus to the often opaque world of casino junket operations, which have historically served as intermediaries for VIP gamblers, primarily from China. In recent years, these operators have been implicated in various money laundering schemes across Asia, from Macau to Cambodia. The use of digital payment solutions by these groups represents a new and evolving threat vector for financial regulators.
Junkets’ use of proprietary or partner-linked e-wallet systems—typically outside the scope of standard banking oversight—poses significant risks for anti-money laundering (AML) and know-your-customer (KYC) frameworks. These platforms, while marketed for convenience and gaming loyalty programs, can serve as conduits for rapid fund movement and integration of illicit gains.
