Business Services Industry
PHILIPPINES LOOKS TO ADDRESS ANTI-MONEY LAUNDERING LAW.
AsiaPulse News, February, 2003
MANILA, Feb 7 Asia Pulse - As far as regulators are concerned, legislators should either allow refinements to strict deposit secrecy provisions in keeping with international standards or prepare the country for punitive sanctions from the Financial Action Task Force soon after its February 12, 2003 deadline lapses.
Bangko Sentral ng Pilipinas governor and Anti-Money Laundering Council chairman Rafael Buenaventura, upon knowing the Senate raised the minimum deposit or trigger level eligible for AMLC scrutiny to P2 million (US$37,000) instead of P500,000 as proposed, said this was hardly the trigger the FATF had in mind.
"I'm sure that's not negotiable. We will be sanctioned with this," the central bank governor said.
He reiterated the FATF...
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