Key facts
- A South Korean syndicate ran an illegal online gambling operation in the Philippines.
- The operation generated approximately US$3.8 billion.
- Authorities failed to detect the racket for several years.
- The syndicate exploited regulatory loopholes in the Philippines' financial system.
Philippine authorities failed to detect a massive illegal online gambling operation run by a South Korean syndicate, which managed to generate approximately US$3.8 billion over several years. The operation's success highlights significant loopholes in the country's financial regulations and enforcement mechanisms, allowing illicit activities to flourish undetected for an extended period. The scale of the operation suggests a sophisticated network that exploited these gaps to facilitate gambling and launder funds.