My Google Page Rank

PHL furthers bid vs money laundering

PDFPrintE-mail

The Philippines’ bid to help eradicate money laundering activities worldwide will further gain strength through heightened cooperation with other countries as well as proposals to improve the Anti-Money Laundering Act (AMLA).

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco told members of the Egmont Group of Financial Intelligence Units that the country’s Anti-Money Laundering Council (AMLC), which he serves in an ex-officio capacity, is now in the process of signing at least four memorandum of understanding (MOU) with other countries this year to boost cooperation with its counterparts overseas.

The upcoming MOUs is in addition to the 30 already signed upon AMLC’s inclusion in the Egmont Group on June 29, 2005.

“Parallel to these efforts, we are actively pursuing legislative amendments to strengthen the Anti-Money Laundering Act and to criminalize terrorist financing as a stand-alone offense,” he said in his opening speech for Egmont Group’s 2012 Working Group and Committee Meetings onThursday at a Makati City hotel.

Tetangco stressed the country’s commitment “in eradicating the twin evils of money laundering and terrorist financing”, thus, for last year alone AMLC received 97 requests of other FIUs and international bodies and asked assistance for 459 request.

He cited that “there will always be criminals and terrorists in different parts of the globe (and) the Philippines is no exception.”

He said location and modus operandi of criminals and terrorists “are constantly changing” so accordingly “our global efforts to combat money laundering and terrorist financing will always be a work in progress” as criminals will “always try to look for our weakest link.”

“We have to be alert, committed and most of all, united,” he said.

Relatively, the central bank chief said President Benigno. Aquino III has certified as urgent the passage of the proposed legislative amendments on AMLA.

“We look forward to the enactment of these amendments to make the Philippines fully compliant with the international standards set by the FATF (Financial Action Task Force), the UN Conventions, and other agencies in combating money laundering and terrorist financing,” he added.

FATF earlier put the Philippines in the blacklist of money-laundering havens, otherwise known as “non-cooperative countries or territories” (NCCTs), due to inadequate law to fight money laundering.

By PNA

 




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

Cocolisap funds await PCA, City Hall coordination gab

22 Mar 2017 Hits:52 Be the first to comment!

Funds to rehabilitate the coconut industry following the cocolisap devastation cannot be released as of yet until after the Philippine Coconut Authority (PCA) regional office 9 and the city government of Zamboanga through the City Agriculturist’s Office shall have coordinated with each other and reconciled their respective figures as to the exact number of coconut trees affected by the coconut scale insects (cocolisap). This, despite the Sangguniang Panlungsod had already passed a resolution declaring a state of calamity in Zamboanga City due to cocolisap attack on the local coconut industry, affecting at least 42 barangays. Accordingly, the PCA had reported between 100,000 to 120,000 coconut trees killed by the insects, but the City Agriculturist Office had accounted for more or less 94,000 [...] Read more

Prev Next Page:

Koko sees okay of free internet access, six key bills this year

22 Mar 2017 Hits:73 Be the first to comment!

Senate President Aquilino “Koko” Pimentel III said Congress is expected to approve this year the bill on free internet access in all public places and six other key priority measures [...] Read more


Ateneo shines anew in Physician Licensure Exam

22 Mar 2017 Hits:69 Be the first to comment!

The Ateneo de Zamboanga University School of Medicine (ADZU-SOM) once again came up with an impressive performance during the recent Physician Licensure Examination (PLE) given by the Board of Medicine [...] Read more


Globe At Home Customers Meet the Cast of Wicked

21 Mar 2017 Hits:63 Be the first to comment!

The year is just beginning, but one of the highlights of 2017 is the staging of the Wicked, the West End musical, which transformed the Theatre at Solaire into the [...] Read more


Zambo harvests 80 gold medals in ZPRAA

21 Mar 2017 Hits:79 Be the first to comment!

The Zamboanga delegation ranked second in the secondary level and third in the elementary level in the recently concluded Zamboanga Peninsula Regional Athletic Association (ZPRAA) meet held in Dipolog City [...] Read more


Lamitan in state of calamity

18 Mar 2017 Hits:128 Be the first to comment!

The city council of Lamitan, last Wednesday, declared a state of calamity in the entire city. Vice Mayor Roderick Furigay said, the City Council concurred with the request of the barangay [...] Read more


Double barrel reloaded nets four more

18 Mar 2017 Hits:119 Be the first to comment!

Four more suspected drug pushers were arrested in another Project Double Barrel-Reloaded operation in Zamboanga City, last Thursday. Arrested were Gilbert Johnston y Dagoy, 48, single, of Sitio Lantawan, Barangay Pasonanca; [...] Read more


SSS releases March differential of P1,000 additional benefit

17 Mar 2017 Hits:113 Be the first to comment!

The state-run Social Security System on Thursday said it has already released about P2.1 billion to its partner banks for the release of the last tranche of the retroactive P1,000 [...] Read more


Aboitiz, DTI partner anew for Matigsalug livelihood project

16 Mar 2017 Hits:108 Be the first to comment!

AboitizPower subsidiary Therma South, Inc. (TSI) in partnership with Aboitiz Foundation, Inc. (AFI), has tied up with the Department of Trade and Industry (DTI) 11 to implement a comprehensive crafts [...] Read more


6th InfoCar meets with 100 IDPs

16 Mar 2017 Hits:96 Be the first to comment!

Some 100 internally displaced persons (IDPs) met with local and government agencies for a half-day engagement to discuss the progress and developments of the City’s rehabilitation and recovery efforts. Spearheaded by [...] Read more


Forwarding company robbed

15 Mar 2017 Hits:112 Be the first to comment!

The office of a forwarder company was robbed by unidentified burglars who carted away computer accessories, bank checks and cash. Police Station 11 report showed that the officer-in-charge of the Overseas [...] Read more


PAGASA forecasts late El Niño

14 Mar 2017 Hits:145 Be the first to comment!

The Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) forecasts the probability of El Niño in the country sometime in the later quarters of 2017. Chief Meteorological Officer Maribel G. Enriquez [...] Read more


NGCP launches program for aspiring transmission line personnel

14 Mar 2017 Hits:107 Be the first to comment!

System operator and transmission service provider, NGCP, formally introduces the Line Ranger School, a program that seeks young individuals who want to become the new generation of transmission line experts. During [...] Read more


NGCP to continue massive facility improvements in 2017

13 Mar 2017 Hits:108 Be the first to comment!

In its continuing pursuit of upgrading and strengthening the country’s power transmission network, NGCP is poised to undertake several major facility improvement programs this year. “When we took over, it was [...] Read more


Beng commits to Duterte’s order to use powers toward peace

13 Mar 2017 Hits:146 Be the first to comment!

Mayor Beng Climaco has strongly committed to implement President Rodrigo Duterte’s directive for mayors and governors to fully exercise their powers and supervision over the police and help him maintain [...] Read more


Presidential Communications Office shiftsa to 2nd gear - Andanar

12 Mar 2017 Hits:136 Be the first to comment!

Presidential Communications Secretary Martin Andanar on Thursday, announced “revitalizing” changes to be made to his office this week during a meeting with the Kapisanan ng mga Broadcasters ng Pilipinas (KBP). The [...] Read more


Job Fair hires 74 on the spot

11 Mar 2017 Hits:142 Be the first to comment!

Despite the inclement weather condition yesterday, job seekers trooped to the Red Cross Training Center in Pettit Barracks for the day-long Job Fair facilitated by the Public Employment Service Office [...] Read more


Three more nabbed for illegal drugs

11 Mar 2017 Hits:156 Be the first to comment!

Three more suspected drug pushers were arrested in the continuous anti-illegal drugs operations of the different police stations in the city. Police Station 7 Drugs Enforcement Team arrested Eric Bejerano y [...] Read more


City meets with Chinese state investors

11 Mar 2017 Hits:155 Be the first to comment!

The City Government presented its investment pitches to Chinese state officials in an investment briefing last week as part of its continued efforts to boost economic opportunities and investment partnerships. The [...] Read more