Anti-money laundering law signed

President Benigno Aquino III. INQUIRER FILE PHOTO

President Benigno Aquino on Monday signed into law two measures that aim to strengthen the government’s fight against money laundering and terrorism.

The two measures—“An Act to Further Strengthen the Anti-Money Laundering Law” and “The Terrorism Financing Prevention and Suppression Act of 2012—were passed by Congress before it went on recess two weeks ago.

“Both will strengthen the capability of the government to identify and prevent financial transactions related to illegal activities and those that undermine global security,” said presidential spokesperson Edwin Lacierda.

“These qualify as two out of three reforms needed for the country’s compliance with the international standards set by the Financial Action Task Force (FATF) of the Organization of Economic Cooperation and Development,” he added. Christine O. Avendaño