Palace hopes anti-money laundering law will avert blacklisting | Inquirer News

Palace hopes anti-money laundering law will avert blacklisting

/ 05:09 PM February 16, 2013

President Benigno Aquino FILE PHOTO

MANILA, Philippines—The Philippines hopes to avoid being put on a blacklist of money-laundering havens after President Benigno Aquino signed a new law boosting safeguards against such crimes, his spokeswoman said Saturday.

The law brings the country up to international standards as required by the inter-governmental Financial Action Task Force which threatened to blacklist it, spokeswoman Abigail Valte said.

Article continues after this advertisement

“We’re very hopeful that, with the passage of this particular law, the FATF will see we are really serious in our commitment to fight money-laundering,” she told reporters.

FEATURED STORIES

Officials of the Philippine anti-money laundering council will leave soon for an FATF meeting in Paris to show that Manila was complying with their conditions, she said.

The law is aimed at preventing terrorists, corrupt officials, drug syndicates and human-traffickers from using the country as a hiding place for their ill-gotten gains, Valte said.

Article continues after this advertisement

As demanded by the FATF, it broadens the definition of crimes covered and expands the businesses to be monitored for money-laundering beyond mere financial institutions such as banks.

Article continues after this advertisement

The FATF had previously placed the Philippines on its “dark grey list” of jurisdictions deemed not to be making sufficient progress in fighting money-laundering and threatened to blacklist it in early 2012.

Article continues after this advertisement

It called for greater state powers to make it easier to scrutinise bank accounts, as well as casinos, foreign exchange traders and other non-bank entities.

While the Philippines previously passed two crucial anti-money laundering laws in June, it only passed the third law sought by the task force this month.

Article continues after this advertisement

The new law, signed by Aquino late Friday, also still spares casinos from coverage for fear this would scare off investors, lawmakers said.

The Philippines recently opened Entertainment City, an $4 billion Manila casino complex aimed at rivalling Macau, Las Vegas and Singapore as a gaming hub.

Asked if omitting casinos might have a negative effect, Valte said “we will make an evaluation first and then we’ll move forward from there”.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

An FATF blacklist would make it difficult for millions of Filipinos working abroad to remit their earnings and also affect Filipinos seeking to invest overseas.

TAGS: Blacklist, Crime, Laws, Philippines

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.