Philippine Congress OKs money-laundering measure
ReutersMANILA -- Philippine lawmakers have approved amendments that expanded the coverage of a law on illegal movement of money as the country sought to escape sanctions from an international watchdog.
February 8, 2013, 12:01 am TWN
A bicameral Congress committee gave its approval late on Wednesday to the measure strengthening the Anti-Money Laundering Act, ahead of a Feb. 18 meeting of the Paris-based Financial Action Task Force (FATF).
“On February, 18 we will know whether what we have passed is enough for us to get out of the dark grey list upwards or go down to the blacklist,” Senator Teofisto Guingona was quoted as saying by the Philippine Daily Inquirer's news website.
The Philippines is among countries that need to address “deficiencies” in the fight against money laundering, according to the FATF.
The expanded law covers not just banks, but also foreign exchange dealers, moneychangers, pawnshops and precious metals and jewelry dealers, among others. These sectors are required to report to the Anti-Money Laundering Council all financial transactions in excess of 500,000 pesos (US$12,300).