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Bacolod City, PhilippinesMonday, June 25, 2012
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Financial task force
upgrades PHL status

MANILA – The Anti-Money Laundering Council reported that the Financial Action Task Force responded positively to the initiatives of the Philippine government to enhance its transparency and accountability mechanisms in financial transactions.

Deputy Presidential Spokesperson Abigail Valte issued the statement following reports on the non-inclusion of the Philippines in the FATF’s black list of non-cooperative countries.

In his letter to President Benigno Aquino III, Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr., in his capacity as Chairman of the AMLC, said that the FATF had recognized the reforms instituted by the Philippine government by upgrading the Philippines from the “dark grey list” to its “gray list.”

According to Tetangco’s report, the FATF took notice of the passage of key legislative reforms certified as urgent by the President.

The bills recently signed into law include “An Act To Further Strengthen The Anti-Money Laundering Law” and “The Terrorism Financing Prevention And Suppression Act of 2012” – strengthened the capability of government to identify and prevent financial transactions related to illegal activities and those that undermine global security.

Valte reiterated that transparency and accountability are among the foremost guiding principles of the Aquino administration.

The Financial Action Task Force was established by the G-7 Summit that was held in Paris in 1989 in response to mounting concerns over money laundering.

This inter-governmental body sets the standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.*PNA

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